Bitcoin exchange-traded funds end a three-day losing streak!

The Bitcoin exchange-traded funds (ETFs) in the U.S. experienced a remarkable turnaround on November 6, 2024, attracting inflows estimated at around $622 million, helping to end a three-day losing streak. This recovery comes despite the fact that BlackRock's (IBIT) fund faced its largest outflow in a single day since its inception.

According to data from SoSo Value, the (IBIT) fund saw net outflows of approximately $69 million, while the Valkyrie (BRRR) fund recorded a smaller outflow of $2 million.

The Fidelity (FBTC) fund topped the list of funds attracting inflows, bringing in $309 million. Following it was the ARK Invest (ARKB) fund, which recorded inflows of $127 million.

On the other hand, Grayscale and Bitwise funds saw significant inflows, with the Grayscale fund attracting approximately $109 million, marking its second-largest daily inflow since its launch. Meanwhile, the Bitwise (BITB) fund achieved inflows of about $101 million, its best performance since February.

Despite these large inflows, Grayscale's leading (GBTC) fund recorded modest net inflows of $31 million, while the VanEck (HODL) fund achieved inflows of $17 million.

This recovery in Bitcoin ETF flows comes amid the return of former President Donald Trump to the political arena, as his statements regarding the creation of a national Bitcoin reserve, his support for cryptocurrency miners, and his commitment to establish an advisory committee for appropriate regulation have brought renewed confidence to the markets.

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