Bitcoin ETFs Amass $887M Recording Four Weeks Inflow Streak

Spot Bitcoin exchange-traded funds (ETFs) in the United States have marked their fourth consecutive week of inflows. According to on-chain data by SoSoValue, the Bitcoin ETF welcomed approximately $887 million into its ecosystem over the past week.

In the previous three weeks, these bitcoin-focused financial products recorded inflows of $440.71 million, $246.42 million, and $2.34 billion, respectively.

BlackRock Continues to Lead the Chart

SoSoValue’s records show that the Bitcoin ETFs experienced four days of inflows and one day of outflow. On the days of inflow, the financial product raked in $937.92 million. However, the market parted ways with $51.28 million on a single trading day during the past week.

On the last day of trading for the week, September 19th, the Bitcoin ETF market saw an inflow of $246.11 million from BlackRock’s IBIT. However, Grayscale’s GBTC saw an outflow of $23.5 million. Since other BTC-focused ETFs recorded no flows for the day, the total inflow for the past trading day equaled $222.62 million.

Notably, for most of the Bitcoin ETF trading activities in the U.S., BlackRock has been at the forefront, garnering the attention of most traders. Last week alone, IBIT recorded an inflow of $866.84 million. This figure represents over 95% of the total weekly inflow seen by the Bitcoin ETF market.

As of the time of writing, BlackRock’s IBIT holds 3.85% of BTC’s supply. Its total net asset of $88.45 billion is significantly higher than that of other ETF issuers.

BTC Trades at $113K

According to public data on CoinMarketCap, bitcoin sold for $113,000 at the time of writing. This price represented a sudden 2.37% price drop over the past 24 hours.

The leading cryptocurrency also recorded a 24-hour traded volume of $54.4 billion, representing an increase of over 140%. This suggests that traders are rapidly selling off their holdings, while others are buying the dip.

Crypto traders suffered a significant loss after bitcoin’s price drop. On-chain data from CoinGlass shows that over $1.6 billion has been liquidated from the global crypto market. From this value, traders lost over $274 million from going long on the apex cryptocurrency.