Bitcoin exchange-traded funds in the United States returned to inflows on January 16 as Bitcoin consolidated its position above $100,000 ahead of President-elect Donald Trump’s inauguration ceremony.
According to facts from SoSoValue, the 12 spot Bitcoin ETFs recorded inflows of $626.15 million on Thursday, extending their inflow streak for a second straight day, with more than $1.3 billion flowing into the funds during the period.
BlackRock’s IBIT attracted the lion’s share of inflows yesterday, raising $527.87 million from investors after a day of relatively weak inflows by the fund. The asset manager’s spot Bitcoin ETF currently holds $56.22 billion worth of Bitcoin, representing approximately 2.64% of the asset’s total supply.
ARK and 21Shares’ ARKB followed next with inflows of $155.44 million, while more modest inflows came from VanEck’s HODL, Fidelity’s FBTC and Bitwise’s BITB funds, which received $5.68 million, $4.39 million and $2.74 million respectively. saw flows into the funds.
Grayscale’s GBTC was the only Bitcoin ETF to buck the trend, with the fund experiencing outflows of $69.97 million that day, partially offsetting inflows from other funds. The remaining six Bitcoin ETFs saw no movement during the day.
Total trading volume for the 12 Bitcoin ETFs was $2.74 billion on January 16, significantly lower than the $3.18 billion recorded the previous trading day.
Meanwhile, inflows were recorded as Bitcoin briefly rose above $102,000, consolidating its position above $100,000 on January 17. This happened amid a broader bull run in the market, fueled by expectations that, following the inauguration of newly-elected US President Donald Trump in the Oval Office, the incoming administration would drop non-fraud-related crypto cases and adopt a more favorable regulatory stance position regarding digital assets.
Additionally, the self-proclaimed crypto-friendly president has also announced plans to make cryptocurrencies a national priority and has considered creating a strategic government stockpile of Bitcoin, similar to the US’s existing gold and oil reserves, to overhaul the US financial landscape strengthen.
At the time of writing, Bitcoin (BTC) was still up 2% and exchanging hands at $101,408 per coin.
