US Spot Bitcoin ETFs Rake in $908M in Net Inflows on Friday, Bitcoin Reclaims the $98,000 Mark

Share this articleUS spot Bitcoin ETFs raked in $908 million in net inflows on Friday, rebounding from Thursday's $242 million outflow

US spot Bitcoin ETFs saw a collective $908 million in net inflows on Friday, recovering from Thursday's outflows of $242 million, data from Farsi Investors showed.

BlackRock's iShares Bitcoin Trust (NYSE:IBIT) saw a net inflow of $253 million on Friday, putting an end to a three-day losing streak that saw the fund lose a total of $392 million in outflows.

The fund's total net inflows now stand at $37 million, with holdings of 548,506 Bitcoins valued at $53.4 billion.

Among the new Bitcoin ETFs, to launch in 2023, Fidelity's Bitcoin Fund (NYSE:FBTC) led the gains on Friday with a net inflow of $357 million - marking one of its strongest days since launching.

FBTC has now seen over $12 billion in new investment to start 2024, as of January 3.

The ARKB fund, operated by ARK Invest and 21Shares, also saw a net inflow of $222 million on Friday.

Other ETF providers reported no flows on Friday, while Bitwise, Grayscale (BTC), and VanEck funds also posted gains.

Bitcoin Reclaims $98K Level

Bitcoin (CRYPTO: BTC) was trading above $98,000 on Friday, having crossed the $98,000 mark for the first time since December 26, according to CoinGecko.

The digital asset was changing hands at $98,400 by 11:02 ET (04:02 GMT), up about 4% over the past seven days and nearly 11% year-to-date.

Analysts largely expect a bullish year for Bitcoin in 2024, driven by growing institutional and national adoption of the apex cryptocurrency.

While some analysts believe that Bitcoin could hit new all-time highs this year, others have offered more conservative price targets.