In the face of a broader market downtrend, Bitcoin ETFs are maintaining strong performance with nine consecutive days of positive inflows. BlackRock’s Bitcoin ETF IBIT led the charge, attracting $295.63 million, while Fidelity's FBTC followed with $210.48 million. Despite these positive inflows, Grayscale's GBTC experienced significant outflows.
The market outlook remains optimistic as Bitcoin ETFs saw a total of $439.56 million in daily inflows on Tuesday, contributing to a total of $2.73 billion in inflows last week. ETF inflows now surpass 5.65% of Bitcoin's total market cap, with the funds holding more Bitcoin than Satoshi Nakamoto himself.
Ethereum ETFs also performed well, with daily inflows crossing $305 million, although the rest of the market experienced turbulent conditions.
The volatility was further highlighted as Bitcoin dipped below $100,000, sparking $1.7 billion in market liquidations on December 9. The overall market liquidation exceeded $2.5 billion over three days. However, Bitcoin showed signs of recovery, trading above $100,000 once more.
Despite the market challenges, institutional interest in Bitcoin appears strong, with ETFs continuing to play a significant role in portfolio diversification.
