As Bitcoin shows renewed strength, with its price reclaiming $70,000 as the new week began, institutional demand for the world’s largest cryptocurrency is also back.
While the past week saw the Bitcoin ETF market record multiple days of weak performance, institutional investors massively withdrew their funds over the period. However, it appears that confidence is back in the market this week, and institutional investors are showing renewed interest.
Bitcoin ETFs record $471 million in new capital
With momentum on the rise, U.S. spot Bitcoin ETFs recorded $471.32 million in daily net inflows, according to data from SosoValue.
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With such a massive influx of new capital in a single day, the cumulative inflow achieved by all existing Bitcoin funds now stands at $56.43 billion as of Tuesday, April 7.
Notably, the surge in inflows achieved during their last trading session came as Bitcoin traded around $69,740. This reflects sustained investor interest despite slight daily price volatility across the ETF market.
BlackRock still dominating
As usual, the massive amount of new capital recorded was led by the Bitcoin ETF offered by BlackRock. The data revealed that the BlackRock Bitcoin ETF saw 2,610 BTC in new capital worth about $181.89 million.
While the BlackRock Bitcoin fund has repeatedly recorded massive daily inflows, it has retained its position as the largest Bitcoin ETF by amount of assets.
At the time of writing, BlackRock is holding $54.76 billion in net assets, outpacing other major Bitcoin funds like Fidelity and others.
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