Key Takeaways
- ARK 21Shares and Fidelity Bitcoin ETFs saw $369.7M inflows.
- Feb. 28 ended an eight-day outflow streak for Bitcoin ETFs.
- Total outflows since Feb. 18 reached $3.26 billion.
The U.S. spot Bitcoin ETF market saw a reversal in outflows on Feb. 28, posting $94.3 million in net inflows after eight consecutive days of withdrawals.
The turnaround was largely driven by ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC), which saw inflows of $193.7 million and $176 million, respectively, according to Farside Investors data.
Inflow comparison
Their combined $369.7 million inflow outpaced the $244.6 million in outflows from BlackRock’s iShares Bitcoin Trust ETF (IBIT).
Bitwise Bitcoin ETF (BITB) and Grayscale Bitcoin Mini Trust ETF (BTC) also posted net inflows of $4.6 million and $5.6 million, while other Bitcoin ETFs from Invesco, Franklin, Valkyrie, and WisdomTree recorded no inflows.
VanEck Bitcoin ETF and Grayscale’s Bitcoin Trust ETF (GBTC) continued to see outflows.
Overall impact
Despite breaking the streak, the recent inflows barely made a dent in the $3.26 billion that left Bitcoin ETFs between Feb. 18 and 27.
The worst day came on Feb. 25, when U.S. Bitcoin products saw a record $1.13 billion in outflows.
Price recovery
Bitcoin’s price, which had fallen 17.6% from Feb. 18 to a four-month low of $78,940 on Feb. 28, has since rebounded to $86,165.
