Bitcoin ETFs See $94M Inflow, Ending Eight-Day Outflow Streak

Bitcoin ETFs in the U.S. saw a significant turnaround on Feb. 28, with a total inflow of $94.3 million, ending an eight-day streak of outflows. This positive trend coincided with Bitcoin's price partially recovering towards the $85,000 mark.

The ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) led the inflows, with $193.7 million and $176 million respectively. Together, they accounted for a combined $369.7 million in net inflows, more than offsetting the $244.6 million outflow from BlackRock's iShares Bitcoin Trust ETF (IBIT). The Bitwise Bitcoin ETF (BITB) and the Grayscale Bitcoin Mini Trust ETF (BTC) also saw net inflows of $4.6 million and $5.6 million, respectively.

Meanwhile, other Bitcoin products issued by Invesco, Franklin, Valkyrie, and WisdomTree registered no inflows, while the VanEck Bitcoin ETF and Grayscale's Bitcoin Trust ETF (GBTC) experienced outflows.

The eight-day outflow streak was broken, but the $94.3 million net inflow on Feb. 28 did little to dent the $3.26 billion in net outflows that occurred between Feb. 18 and 27. The worst day during this period was Feb. 25, with a record $1.13 billion in outflows for U.S. Bitcoin products.

The mass outflows coincided with a 17.6% fall in Bitcoin's price from Feb. 18 to a near four-month low of $78,940 on Feb. 28. Since then, Bitcoin's price has rebounded to $86,165.

Despite the recent market volatility, industry experts like Matt Hougan, chief investment officer at Bitwise, and Jake Chervinsky, chief legal officer at Variant, have expressed optimism about the current state of the Bitcoin market. They believe that the recent price range of $80,000 to $90,000 presents a unique opportunity for investors.