U.S. spot bitcoin ETFs drew a surge of inflows on Monday, tempering fears of a broader market rout after bitcoin dipped below $75,000 over the weekend.
The 11 spot bitcoin ETFs posted combined net inflows of $561.8 million, their largest single-day gain since Jan. 14, according to data from Farside Investors. The rebound highlights sustained institutional demand even as bitcoin has struggled to regain upward momentum.
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the buying, recording inflows of $142 million and $153.3 million, respectively. The renewed interest followed a sharp weekend selloff that pushed bitcoin to nine-month lows and sparked concerns of disorderly trading at the start of the week.
Those concerns eased as markets stabilized on Monday. The inflows also brought an end to a near 10-day run of outflows, during which investors pulled capital as bitcoin slid from roughly $98,000 to below $75,000.
A disconnect remains between bitcoin’s price performance and ETF holdings. Spot bitcoin is down around 40% from its October all-time high, yet spot bitcoin ETFs still hold approximately 1.3 million BTC in assets under management — just 5% below their October peak of 1.37 million BTC, according to Checkonchain.
Despite the inflows, many ETF investors remain underwater. The average cost basis across U.S. bitcoin ETFs is estimated at about $84,099, while spot bitcoin is trading near $78,000.
Bitcoin has fallen below ETF cost bases before, particularly in the second half of 2024, making the current pullback a key test of investor conviction. A wave of redemptions could intensify downside pressure, while continued inflows would suggest confidence in bitcoin’s longer-term outlook.
