Bitcoin (BTC) Price Rallies to $98K as Spot Funds Rebound to Positive Net Flows

Spot Bitcoin funds have rebounded to positive net flows after almost a week of withdrawals. On January 3rd—all Bitcoin ETFs registered inflows

Spot Bitcoin funds have now fully recovered from the recent string of withdrawals, with all major Bitcoin ETFs registering inflows on January 3rd, causing the sum of all investment funds to register nearly a billion dollars.

Fidelity (FBTC) led the way with $355,000,000 inflows, marking the most deposits into the fund since June 4th. In second place was Blackrock (IBIT), the largest Bitcoin ETF in the market, with $253 million in inflows.

Ark (ARKB) was the next most successful Bitcoin ETF of January 3rd with $222 million in deposits. Following the top 3 came Bitwise (BITB) with $61.5 million, Grayscale (BTC) with $8.7 million, and VanEck (HODL) with $5.6 million.

In total, all exchange-traded funds amounted to $908.1 million, the highest record since November 21.

ETFs Retrieve Momentum as Bitcoin Regains $98,000

The world’s largest cryptocurrency by market capitalization was also pumped on Jan 3 thanks to the major movements seen on Bitcoin-based exchange-traded funds.

On this day, BTC reached as high as $98,917 — its highest value in over two weeks. At this time of writing the currency trades at $97,941 as buyers fight to maintain the current level.

The massive inflows of nearly a billion dollars drove ETFs to acquire 9,360 BTC. This major addition of liquidity into the market allowed the currency to recover part of its weekly losses.

Over the last 7 days, the world’s first crypto gained around 3.8% in value, building up one of the most relevant weekly momentums since the early December rally.

Two days ago, Bitcoin’s H1 timeframe revealed a potential bullish outlook, a fact that was later confirmed by this analysis. With major developments to happen in January that could significantly affect the crypto market, the fact that BTC is already collecting liquidity could be seen as a positive sign for buyers.