Bitcoin ETFs surge with $247m inflow as BTC nears $44k again

Spot Bitcoin ETFs witnessed a net inflow of $247 million for the first time a week.

This divergence in fund flows was particularly evident among the other nine ETFs, excluding Grayscale, which collectively saw a net inflow of $467 million. Data from SoSo Value shows that BlackRock’s ETF IBIT recorded a single-day net inflow of $299 million, constituting 64% of the total net inflows this week.

Bitcoin ETF net inflow | Source: SoSo Value You might also like: Ripple’s co-founder confirms $113m theft, XRP down 5%

However, Grayscale’s Bitcoin Trust (GBTC) reported a substantial net outflow of $220 million in a contrasting development. Grayscale transferred 2,682 BTC, valued at approximately $114 million, to the address of Coinbase Prime Deposit. Additionally, the firm moved 5,281 BTC to a new address, speculated to be Grayscale’s updated custody address. The transactions could indicate a significant restructuring in Grayscale’s asset management strategy.

This resurgence contributed to a spike in Bitcoin’s price, reaching its highest point in the past three weeks. Despite the net outflows from GBTC, the ETF issuers augmented their holdings by more than 4,200 Bitcoin, worth roughly $183 million. This shift in dynamics comes after a week of negative daily flows, which saw nearly 20,000 Bitcoins exiting the funds between Jan. 23 and Jan. 26.

Read more: Coinbase challenges SEC’s rejection of digital asset rulemaking petition

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