Investors Return to Bitcoin ETFs as Inflows Surprise

According to SosoValue, new spot Bitcoin ETFs saw $378 million in new inflows in a day, bringing the total net asset value of all BTC spot funds to $128 billion. Interestingly, the growth in investment is happening regardless of the current market weakness: BTC remains in a sideways trend, but institutional investors continue to add to their positions, perhaps seeing this as an opportunity to buy into the dip.

ARKB, a joint venture between Ark Invest and 21Shares, saw the largest net inflow of any fund, with $140 million in a day. Taking this amount into account, the fund’s total cumulative inflow reached $2.51 billion. Fidelity’s FBTC ETF also showed strong growth, attracting $137 million in new capital. Its total inflow to date is $11.69 billion.

Despite these positive signals, the market as a whole remains cautious. Open interest in Bitcoin futures fell by 3% in a day, amounting to $70.89 billion. This may indicate that some traders are leaving the derivatives market and expectations regarding short-term growth in the BTC price are decreasing.

However, activity in options indicates a different trend: demand for call options continues to grow, which reflects expectations of some players regarding the future rise of Bitcoin. When interest in calls exceeds interest in puts, this may indicate a mood for growth and attempts to insure positions against a possible bullish impulse.

Thus, despite the reduced interest in futures and the lack of obvious price movement, the market structure shows signs of hidden optimism. If fundamental and technical conditions improve, this may become the basis for a new stage of recovery.