Bitcoin ETFs draw in $221 million alongside renewed buying from long-term investors

The U.S.-listed bitcoin BTC $ 62,572.19 ETFs pulled in $221.7 million on Thursday, their largest inflow in two months, according to SoSoValue.

Fidelity’s FBTC led the charge with a hefty $165.96 million inflow, followed by ARKB at $91.84 million and HODL at $4.35 million. BlackRock’s IBIT, the world’s largest Bitcoin ETF, was the outlier with a $40.43 million outflow.

The cumulative inflow ends a painful 10-day outflow streak that saw investors pull $2.73 billion from the funds. Even so, the year-to-date picture remains ugly, with net outflows still sitting at a hefty $5.4 billion.

Thursday’s bounce is therefore a drop in the ocean compared to the selling we’ve seen this year. Still, it’s a welcome sigh of relief for the bulls. At the very least, it helps validate bitcoin’s rebound to around $61,700 after hitting 21-month lows under $58,000 earlier this week.

For a real recovery, though, these inflows need to turn into a consistent trend. Historically, steady money flowing into Bitcoin ETFs has been a hallmark of bull runs.

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