Bitcoin ETFs recorded their first net inflows in five weeks, attracting $744.3 million during the trading week ending March 21. The return to positive flows marks a potential turning point for crypto investment sentiment, with Bitcoin products breaking their outflow streak while Ethereum-based funds continue to experience withdrawals for the fourth consecutive week. BlackRock’s iShares Bitcoin Trust (IBIT) led the charge with $537.5 million in inflows over the five-day period, accounting for the bulk of the total, according to data from U.K.-based asset manager Farside Investors.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed with $136.5 million in new investments, while ARK 21Shares Bitcoin ETF (ARKB) contributed $79.5 million. Daily flows data show Bitcoin’s momentum building throughout the week, according to Farside’s figures. March 17 saw $274.6 million enter Bitcoin ETFs, while March 18 added another $209.1 million.
After a modest $11.8 million inflow on March 19, the products attracted $165.7 million on March 20 and finished with $83.1 million on March 21. The positive Bitcoin flows coincide with recent price movements that saw the cryptocurrency trading at around $87,935 midday Monday, showing a 5.4% improvement over the past seven days despite remaining down nearly 6% year to date, according to CoinMarketCap data. While Bitcoin ETFs have found renewed investor interest, Ethereum-based products extended their negative streak to four consecutive weeks of outflows.
bitcoin ETFs see strong inflows
According to Farside, Ethereum-based funds saw net outflows of $102.9 million for the same period, with BlackRock’s iShares Ethereum Trust (ETHA) experiencing the largest exodus at $74 million. The largest single-day Ethereum outflow occurred on March 18, when investors withdrew $52.8 million from the funds, according to Farside data.
Ethereum’s price performance has shown recent signs of recovery, with the asset trading at around $2,074 and posting an 8.4% gain over the past seven days, according to CoinMarketCap. However, the cryptocurrency remains down for the year, having lost 37.8% of its value since January. The contrasting flow patterns highlight the shifting investor sentiment between the two leading cryptocurrencies as markets look to recover from recent volatility.
The majority of the inflows originated from the US, which saw $632 million in inflows. However, the positive sentiment was broad-based, with Switzerland, Germany, and Hong Kong also recording inflows of $15.9 million, $13.9 million, and $1.2 million, respectively. Overall, the influx of capital into digital asset investment products indicates renewed investor optimism in the crypto market, breaking the bearish trend that had prevailed for over a month.
Despite this, the asset is still down by double digits from its all-time high above $109,000 registered in January. According to Coingecko, at current market prices, BTC is down by roughly 19.8% from this peak.
