Bitcoin’s price continues to show high levels of correlations with the landscape around the spot ETFs.
This was further proven by the price actions on Monday evening. BTC jumped to over $58,000 for the first time in five days as the ETFs broke a two-week-long streak.
Over the weekend, CryptoPotato reported the negative streak the spot Bitcoin ETFs were on for two weeks. More specifically, the data showed that the financial vehicles were in the red for eight consecutive days, which was the longest such period since their inception in mid-January.
In terms of total numbers, the constant withdrawals meant that nearly $900 million was pulled out of the funds since August 26.
All of this undoubtedly had an impact on BTC’s price, which stood at around $64,000 on August 26 (the last day with inflows) and slumped below $53,000 to mark a monthly low on September 6 (the last day of substantial outflows).
The tides changed on Monday as investors allocated $28.6 million to the financial vehicles. Fidelity’s FBTC lead the pack with $28.6 million, followed by BITB ($22 million) and ARKB ($6.8 million).
In contrast, Grayscale’s GBTC saw $22.8 million in outflows, and even BlackRock’s IBIT was in the red for just the third time in its history, with $9.1 million being taken out.
BTC’s price not only stopped its freefall but actually went on the run and soared by several grand to a 5-day high of over $58,000. Despite retracing by over $1,000 since then, it’s still 3.5% up on the day.