Us Bitcoin Etfs Snap Five-day Bloodbath As BTC Reclaims $92k

US spot Bitcoin ETFs logged $75 million in inflows after five days of redemptions, hinting at early stabilization as Bitcoin recovers above the $92,000 level.

United States-listed spot Bitcoin exchange-traded funds (ETFs) broke a five-day outflow streak on Wednesday, recording $75.4 million in net inflows as Bitcoin reclaimed the $92,000 price point.

Farside Investors data showed inflows led by BlackRock’s iShares Bitcoin Trust (IBIT), which pulled in $60.6 million on Wednesday — still a far cry from offsetting its $523 million in outflows the day before. The Grayscale Bitcoin Mini Trust ETF (BTC) also saw a positive day, contributing $53.8 million in inflows.

On the other hand, Fidelity and VanEck’s spot Bitcoin ETFs saw combined outflows of $39 million on the same day.

The rebound coincided with Bitcoin (BTC) reclaiming the $92,000 level, indicating a slight stabilization after a consistent decline throughout the week.

CoinGecko data showed that BTC reached $92,000 on Wednesday before falling to as low as $88,500 on Thursday. At the time of writing, the asset is trading at approximately $91,700.

Related: Bitcoin recovery expected as liquidity conditions change, but US macro remains a threat

The five-day outflow streak, which included over $868 million on Nov. 13 and nearly $500 million on Nov. 14, mirrored the situation across global crypto exchange-traded products in recent weeks.

Farside’s daily breakdown showed that the selling was concentrated. Fidelity’s FBTC saw back-to-back redemptions of $132.9 million and $119.9 million last week. Meanwhile, issuers Bitwise, Ark and Invesco logged multiday stretches of negative flows.

As Cointelegraph previously reported, crypto ETPs saw $2 billion in outflows last week, their highest weekly outflow record since February. CoinShares data showed that within the $2 billion lost, US-based ETPs accounted for 97% of the outflows.

Source: CoinTelegraph