Bitcoin ETF Inflow Streak Ends After Ten Days, Despite $93M Outflows from Fidelity Fund

The ten-day streak of inflows into U.S.-based spot Bitcoin ETFs came to an end on Friday as Fidelity's FBTC fund saw $93.16 million in outflows.

The ten-day streak of inflows into U.S.-based spot Bitcoin ETFs came to an end on Friday as Fidelity’s FBTC (NYSE:BTCZ) fund saw $93.16 million in outflows. Other funds showed minimal activity during the day.

After recording $97.1 million in inflows on Thursday, Fidelity’s FBTC fund experienced an outflow of $93.16 million on Friday. Meanwhile, other Bitcoin ETFs saw insignificant changes in their assets under management (AUM). Notably, no new Bitcoin ETF applications were submitted during the week.

The small outflows from the FBTC fund come after a period of consistent institutional demand for Bitcoin ETFs. Over the past ten days, these ETFs saw a total of over $1 billion in inflows, which analyst Min Jung of Presto Research described as “relatively modest.”

According to Jung, the institutions aren’t aggressively piling into the market, but rather have a sustained interest in gaining exposure to Bitcoin. As the saying goes, “slow and steady wins the race.” To Min Jung, this signals a cautious optimism among institutions.

The ten-day inflow streak came to an end as the world’s largest cryptocurrency now faces its worst Q1 close since 2018. At the time of writing, the price of Bitcoin is down 2% over the past 24 hours, according to CoinMarketCap data.