Bitcoin spot ETF rebounds after 4 weeks... $70 million inflow weekly

Source: DigitalToday Original Title: Bitcoin Spot ETF Rallies After 4 Weeks…$70 Million Inflow Weekly Original Link:

The Bitcoin spot exchange-traded fund ( ETF ) rebounded after a month of large-scale net outflows.

According to Cointelegraph, a blockchain media outlet, on the 29th of last month at ( local time, the Bitcoin spot ETF, which had recorded net outflows for four consecutive weeks, showed signs of market recovery with a net inflow of about $70 million during the past week.

According to SoSoValue) data, Bitcoin spot ETFs recorded the largest outflow in history, with $1.22 billion exiting during the week that included November 7th and 21st. However, a recent net inflow of $71 million in a single day has increased the cumulative inflow to $57.7 billion, with total net assets rising to $119.4 billion.

On the same day, BlackRock's IBIT recorded an outflow of $113.7 million, but funds moved with Fidelity's FBTC(7 $77.5 million) and Ark 21Shares' ARKB(8 $88 million), offsetting the net outflow volume.

The Ethereum spot ETF also stopped three weeks of outflows, recording a net inflow of $312.6 million. Previously, $1.74 billion had exited over three weeks, with particularly severe outflows of $728.6 million during the week of November 14, marking the worst record. However, a recent daily inflow of $76.6 million has increased the cumulative inflow to $12.94 billion, and the total net assets have risen to $19.15 billion.

Meanwhile, Bitcoin is consolidating a short-term low, and the Relative Strength Index ( RSI ) is nearing the oversold territory, with whale investors increasing their buying. As a result, the possibility of a price rebound to the range of $100,000 to $110,000 has been raised. Andre Dragosh of Bitwise Europe stated, “Bitcoin has a significant upside potential in the future,” and evaluated that “the current price does not adequately reflect the improved macroeconomic environment.”