Bitcoin ETF Inflow Streak Expands To 7 Days After $199M Spike

Data shows the Bitcoin spot ETFs have seen seven consecutive days of inflows, a potential sign that demand momentum is returning in the market.

These outflows had come as the wider cryptocurrency sector witnessed a bearish shift. In the last few weeks, however, demand has shown signs of returning as capital has gradually started to pour back in.

The last week, especially, has seen a consistent stream of inflows, with the netflow sitting at a positive value for its entire duration. Though, while the inflows have been consistent, their scale hasn’t been terribly large; the largest spike during this period involved a value of $250 million, a few factors smaller than the largest inflows from January.

As displayed in the above graph, the US Ethereum spot ETFs have seen six consecutive days of net inflows, one day short of Bitcoin’s streak. The latest spike in the netflow has corresponded to over $138 million flowing into these funds. For comparison, the BTC spot ETFs have witnessed inflows of about $199 million.

The latest market inflows have arrived alongside a recovery surge for the coins, with Bitcoin rising to around $74,000 and Ethereum to $2,300. It now remains to be seen whether the spot ETFs will continue to enjoy positive netflows in the coming days, extending the streak.

From the chart, it’s apparent that the latest holdings of the top USDC wallets exceeds the high witnessed back in February 2022. “The top 6 alone now hold just over a quarter (25.6%) of the entire supply,” noted Santiment.

At the time of writing, Bitcoin is floating around $73,900, up more than 6% over the last seven days.