The continued downturn for the leading cryptocurrency may be nearing an end, as Spot Bitcoin ETFs have seen $500 million in inflows this week with BTC approaching a return to $60,000. Investors have continued their embrace of the Bitcoin investment offering as a market recovery seems to be forming.
The cryptocurrency is currently trading at $58,124 and up more than 1.3% according to CoinMarketCap. However, it has faced a notable downturn in recent weeks. Over the last 30 days, the token has fallen more than 16% as a bullish reversal appears to be in the cards.
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BTC Looking to Return to $60,000 as ETFs Flourish
Despite weeks of poor performance, Spot Bitcoin ETFs have flourished with $500 million inflows as BTC is attempting a comeback. Indeed, the investment vehicle has been massive for the asset. Its approval in January was the catalyst for its surge to a $73,000 all-time high in March of this year.
BlackRock’s iShares Bitcoin Trust (IBIT) led BTC ETF issuers in inflows with $308.2 million. It once again proved its value as leader of the ETF pack. However, Fidelity followed with an impressive performance of its own. Its ETF offering brought in $152 million this week.
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However, Grayscale’s Bitcoin Trust (GBTC) took a turn the opposite way. The product saw net outflows of more than $12 million for two straight days. The display shows a more concerned approach to investment in the struggling asset. However, it does appear as though many investors have been interested in buying the dip.
Data shows that Bitcoin accumulation addresses acquired more than 9,900 BTC on Monday, according to CryptoQuant. The crypto haul worth $553.4 million shows increased confidence that the token will turn around. The market is carefully eyeing incoming US Inflation data. That will play a large part in the Federal Reserve’s decision to cut interest rates that remain at a 23-year high.