U.S. Spot Bitcoin ETFs Absorb 8,775 BTC, See $744 Million Inflows Amid Ethereum Outflows

U.S. spot Bitcoin ETFs experienced a significant turnaround last week, recording approximately $744 million in net inflows from March 17 to March 21, ending a five-week streak of outflows. This resurgence in investor interest led to Bitcoin ETFs absorbing 8,775 BTC, significantly outpacing the 3,150 BTC mined during the same period. BlackRock's iShares Bitcoin Trust (IBIT) led the charge with $464 million in inflows, followed by Fidelity's FBTC with $136 million, and ARK 21Shares with $75 million.

Overall, digital asset investment products saw a total inflow of $644 million, breaking a five-week trend of outflows. Bitcoin led this recovery with $724 million in inflows, reversing a cumulative $5.4 billion in prior outflows. In contrast, Ethereum spot ETFs continued to see outflows, totaling $103 million for the week, with BlackRock's Ethereum ETF (ETHA) recording the largest outflow at $74 million.

Other cryptocurrencies also experienced varying flows, with XRP and Solana recording inflows of $6.7 million and $6.4 million respectively, while Ethereum saw the largest outflows at $86 million. The shift in investor sentiment was also reflected in the performance of other altcoins like Polygon and Chainlink, which saw modest inflows of $400,000 and $200,000 respectively. Short-Bitcoin products saw outflows of $7.1 million, while other altcoins like Sui and Polkadot each faced outflows of $1.3 million, Tron saw outflows of $950,000, and Algorand recorded inflows of $820,000. The majority of these flows came from the U.S., with additional inflows from Switzerland ($15.9 million), Germany ($13.9 million), and Hong Kong ($1.2 million). XRP's inflows were boosted by the SEC's decision to drop its lawsuit against Ripple Labs.

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