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In terms of total numbers, steady withdrawals meant that nearly $900 million was withdrawn from the funds since August 26.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of $22.8 million, and even BlackRock’s IBIT was in the red for only the third time in its history, with $9.1 million withdrawn.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.
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