The American Bitcoin (BTC) spot Exchange-Traded Funds (ETFs) achieved tremendous success last week. In terms of capital inflow, it was the third-best week since their launch in January. Additionally, the funds convincingly broke their previous record for the longest streak of positive trading days this week.
BTC Funds Attract Nearly $2 Billion
Last week's Bitcoin news was dominated by impressive ETF results from the United States.
The funds entered the week with strong momentum, following fourteen consecutive trading days of capital inflows. Over the past week, all the funds collectively attracted more capital daily than they lost. This has brought the count to 19 consecutive positive trading days, surpassing the previous record of 16 days.
Capital inflows have surged significantly this week compared to recent times. Data from Farside Investors shows that the funds have collectively attracted $1.83 billion in capital.
Tuesday and Wednesday were particularly successful, with Tuesday marking the second-best trading day since the launch, with a net inflow of $886.6 million. On Wednesday, the ETFs grew further, adding another $488.1 million.
The rest of the week saw substantial inflows as well: $105.1 million on Monday, $217.7 million on Thursday, and $131 million on Friday. These results are still very impressive.
Bitcoin and Crypto Crash
Despite these positive results, many crypto investors might have felt disappointed heading into the weekend. Last night, the Bitcoin price took a significant hit as it approached $72,000. The price crashed roughly 4%, dropping to a low of under $69,000.
Altcoins were hit even harder. Most cryptocurrencies lost more than 10% of their value in a short period, severely impacting the sentiment in the crypto market.
