Spot Bitcoin ETFs end longest losing streak as BTC soars to $58,000

The price of Bitcoin continues to show high levels of correlation with the spot ETF landscape.

This was further demonstrated by Monday evening’s price action. BTC jumped above $58,000 for the first time in five days as ETFs snapped a two-week streak.

Over the weekend, CryptoPotato reported on Bitcoin ETFs’ two-week losing streak. More specifically, the data showed that the financial vehicles were in the red for eight consecutive days, which was the longest period since their inception in mid-January.

In terms of total numbers, steady withdrawals meant that nearly $900 million was withdrawn from the funds since August 26.

All of this undoubtedly had an impact on the price of BTC, which hovered around $64,000 on August 26 (the last day with entries) and fell below $53,000 to mark a low monthly on September 6 (the last day of substantial departures).

The tides turned on Monday as investors poured $28.6 million into financial vehicles. Fidelity’s FBTC leads the pack with $28.6 million, followed by BITB ($22 million) and ARKB ($6.8 million).

In contrast, Grayscale’s GBTC saw outflows of $22.8 million, and even BlackRock’s IBIT was in the red for only the third time in its history, with $9.1 million withdrawn.

Not only did BTC price stop its free fall, it actually rallied and soared by several thousand to a 5-day high of over $58,000. Although it has recovered more than $1,000 since then, it is still up 3.5% on the day.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!