Spot bitcoin exchange-traded funds (ETFs) in the U.S. saw $94.3 million of total inflows on the last day of February as crypto's
worst month in three years
came to an end.
The figure capped an eight-day streak of outflow during which investors pulled over $3.2 billion from these funds as digital asset prices fell.
BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot bitcoin ETF by assets under management, was one of the outliers that saw $244.6 million in outflows on Friday. Meanwhile, other large ETFs, including Fidelity’s FBTC, brought in $176 million from investors, while the ARK 21Shares Bitcoin ETF saw the largest inflows, bringing in $193.7 million, according to
Farside Investors data
.
The inflows came as the cryptocurrency
market started showing signs of recovery
after the price of bitcoin hit a $78,000 low in the early hours of Feb. 28. Bitcoin is now trading around $84,900 after rising 1.6% in the last 24 hours, while the broader CoinDesk 20 Index rose 0.3% to 2,705.
Over the past week, BTC is still down by roughly 12%, while the broader crypto market, as measured by the CoinDesk 20 Index, fell by 15.8%. Spot bitcoin ETFs had been enduring a significant outflow streak since Feb. 14, a day in which these funds saw $66.2 million inflows.
Spot ether ETFs, on the other hand, have maintained an ongoing outflow streak on the last day of February, with $41.9 million leaving these funds. Since their last day with a positive net flow, $357.5 million exited these funds, according to data from Farside.
The recent market recovery comes as the White House announced that U.S. President Donald Trump will
host a crypto summit
on March 7 and after the world’s largest asset manager, BlackRock,
added a 1% to 2% allocation
of its spot bitcoin ETF to one of its model portfolios.
Read more:
BlackRock's Bitcoin ETF Sees Record Daily Outflow as the Basis Trade Starts to Unwind