Bitcoin spot ETFs recorded their largest inflows in over two weeks on Thursday, totalling $192.5 million. This comes after Bitcoin dipped below $50,000 earlier this week amid a global market selloff.
NEW: 🇺🇸 #Bitcoin ETFs saw $192 million in inflows, the highest in over two weeks.
— Bitcoin Magazine (@BitcoinMagazine) August 9, 2024
The tides are turning 🚀 pic.twitter.com/y7Ra6NK4jA
The inflows helped propel Bitcoin back above $60,000 on Friday. It represents a swift reversal after Bitcoin plunged nearly 20% to its lowest level since February.
The BlackRock iShares Bitcoin Trust (IBIT) led the bounce back, with inflows of $157.6 million on Thursday. The WisdomTree Bitcoin Trust (BTCW) also had a standout day, attracting over $118.5 million in fresh capital—its largest single-day haul since launching.
BTCW has generally lagged behind rivals, struggling to break $11 million in daily inflows since debuting in January. Its prior record was $10.5 million. But Thursday's surge made it the top performer.
The inflows provide evidence of renewed appetite for Bitcoin exposure after a wave of selling earlier in the week, which also battered stock markets like the Nasdaq. Last Friday's disappointing U.S. jobs report triggered recession fears.
The bounce back in prices and inflows suggests the Bitcoin selloff may have been a temporary blip rather than the start of a new bearish trend. The recovery to $60,000 has bulls eyeing a retest of all-time highs above $73,000 in 2024.
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