United States spot Bitcoin exchange-traded funds (ETFs) recorded a $239.9 million net inflow on Thursday, ending a six-day slump of persistent outflows that had drained nearly $1.4 billion from the market.
According to data from Farside Investors, the reversal comes after a turbulent week, during which profit-taking occurred. This was driven by macroeconomic uncertainty that led to redemptions across the largest institutional Bitcoin (BTC) investment vehicles.
The rebound was led by asset manager BlackRock, which added $112.4 million to its iShares Bitcoin Trust (IBIT). This was followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $61.6 million. The ARK 21Shares Bitcoin ETF (ARKB) reported $60.4 million, while Grayscale's GBTC, which had experienced consistent outflows since mid-October, showed no changes.
In total, the six-day sell-off marked one of the steepest pullbacks since the ETFs started trading in January.
Performance of Ether and Solana ETFs
Similar to spot Bitcoin ETFs, the exchange-traded products tracking Ether (ETH) also saw a six-day outflow streak, albeit on a slightly smaller scale.
According to SoSoValue, spot ETH ETFs experienced a six-day sell-off, resulting in approximately $837 million being withdrawn from the ETH-based crypto investment products. This trend was finally reversed on Thursday, when spot Ether ETFs saw small gains of $12.51 million.
Spot Solana (SOL) ETFs have performed well since their launch on October 28. SoSoValue data shows that SOL-based products have seen $322 million in inflows since their launch and have not yet experienced a day of net outflows.
ETFs as a Key Driver for Liquidity in Crypto
On Thursday, crypto market maker Wintermute identified ETFs as one of the three key pillars of liquidity for the crypto sector.
In a blog post, Wintermute stated that liquidity remains the key driving force behind every crypto cycle, arguing that it has a greater impact than technological developments.
Wintermute identified stablecoins, ETFs, and digital asset treasuries as the three major pillars for crypto liquidity, and pointed out that liquidity inflows in all three sectors have reached a plateau.
A recent survey from brokerage giant Schwab Asset Management revealed that 52% of respondents plan to invest in ETFs, while 45% expressed interest in crypto-linked ETFs.