US spot Bitcoin ETFs have seen a six-day inflow streak, adding $203 million to their net assets. This comes as the broader crypto market sentiment improves.
In a significant development for US-based Bitcoin exchange-traded funds (ETFs), they extended their inflow streak to six consecutive days by bringing in approximately $203.1 million on Tuesday alone, according to SoSoValue data. This marks the longest run of consecutive inflows since April and brings the total net inflows over this period close to $930 million.
The market reaction was positive as Bitcoin prices traded above $65,000, briefly reaching $66,700 on Tuesday. At the time of writing, Bitcoin was trading at $65,802, up about 2% over the previous day according to CoinGecko.
The broader crypto market sentiment also showed signs of improvement as the Crypto Fear & Greed Index moved from “extreme fear” to a more favorable “fear.” Analysts believe that for Bitcoin to strengthen its case for a sustained uptrend, it needs to break above and hold between $65,000 and $65,500.
Since their launch, the US spot Bitcoin ETFs have accumulated cumulative net inflows of $51.8 billion with total net assets reaching $80.9 billion. However, they still remain in a year-to-date net outflow position by about $4.84 billion.
This trend is part of an overall positive market sentiment as other cryptocurrencies and digital asset classes also showed gains. For instance, the price of Bitcoin nears its seven-week high while broader crypto assets experienced improvements following geopolitical events such as Iran strikes and tariff plans from Trump.
The inflows into these ETFs reflect a growing institutional interest in Bitcoin, potentially signaling confidence among investors despite ongoing market volatility. Traders should closely monitor how this trend continues to develop over the coming weeks, particularly if Bitcoin can maintain its current price range or break above it.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.