Spot Bitcoin ETFs saw their biggest inflows in two weeks

Bitcoin spot ETFs saw their biggest inflows in over two weeks on Thursday, totaling $192.5 million. This comes after Bitcoin fell below $50,000 earlier this week amid a global market selloff.

NEW: 🇺🇸 #Bitcoin ETFs saw inflows of $192 million, the most in two weeks.

The tides are changing 🚀 pic.twitter.com/y7Ra6NK4jA

— Bitcoin Magazine (@BitcoinMagazine) August 9, 2024

The flows helped propel Bitcoin back above $60,000 on Friday. It represents a swift reversal after Bitcoin fell nearly 20% to its February low.

BlackRock iShares Bitcoin Trust (IBIT) led the rally, with inflows of $157.6 million on Thursday. WisdomTree Bitcoin Trust (BTCW) also had a remarkable day, attracting more than $118.5 million in fresh capital – the largest one-day volume since launch.

BTCW has generally lagged behind rivals, struggling to crack $11 million in daily streams since debuting in January. Its previous record was $10.5 million. But Thursday’s surge made it the top performer.

The flows provide evidence of renewed appetite for Bitcoin exposure after a wave of selling earlier in the week that also affected stock markets such as the Nasdaq. Last Friday’s disappointing US jobs report sparked fears of a recession.

The rebound in prices and entries suggests that the Bitcoin selloff may have been a temporary dip rather than the start of a new bear trend. The return to $60,000 has bulls eyeing a retest of all-time highs above $73,000 in 2024.