Where Bitcoin ETFs (exchange traded funds) left off in 2024 are enjoying more investor attention in the new year. This positive sentiment has been further strengthened following the recent inauguration of Donald Trump as President of the United States.
The US-based exchange traded funds continued their impressive streak of capital inflows, with net inflows of more than $500 million on Friday, January 24. Unsurprisingly, this positive shape was reflected in the price of the main cryptocurrency, which remained around $105,000 this weekend.
Bitcoin ETFs record inflows of $517 million in one day
According to the latest market dataUS-based spot Bitcoin ETFs recorded total net inflows of $517 million on Friday, January 24, representing the seventh consecutive day that the crypto investment products have experienced net capital inflows.
Surprisingly, the Fidelity Wise Origin Bitcoin Fund (with the ticker FBTC) led the group with inflows of over $186 million. With strong performance in recent weeks, the fund has continued to consolidate its position as the second largest BTC ETF.
ARK 21Shares Bitcoin ETF (with the ticker ARKB) came in second, with total inflows of about $169 million to end the week. Meanwhile, BlackRock’s iShares Bitcoin Trust (with the ticker IBIT) followed in third place, adding more than $155 million in value on the day.
Other Bitcoin ETFs with positive single-day performance included Grayscale Bitcoin Mini Trust (BTC) and WisdomTree Bitcoin Trust (BTCW), with $13 million and $2.79 million, respectively. Bitwise Bitcoin ETF (BITB) was the only exchange-traded fund to post an outflow on Friday, taking in $8.6 million in value.
Nevertheless, this $517 million single-day performance pushed the weekly record for US-based Bitcoin ETFs to $1.76 billion. Meanwhile, the current streak of positive inflows was extended to seven days, with exchange-traded funds raising $4.7 billion in capital within this period.
Bloomberg ETF expert said in a message on X:
The spot bitcoin ETFs are quietly on fire to start the year, with $4.2 billion in flows, which is 6% of all ETF flows. Now +$40 billion net since launch, with $121 billion in assets under management and a 127% return. For context, they just passed ESG ETFs in assets ($117 billion) and have about the same as gold.
Bitcoin price overview
The recent steady capital inflows could have helped keep the Bitcoin price afloat despite the recent uncertainty clouding the market. At the time of writing, the leading cryptocurrency is valued at around $104,500, reflecting no significant movement in the past 24 hours.