Despite ongoing price volatility, Bitcoin (CRYPTO: $BTC) exchange-traded funds (ETFs) are seeing their strongest daily inflows since February of this year.
Spot Bitcoin ETFs added a combined $471 million U.S. on April 6, according to SoSoValue data, the largest inflow since Feb. 25 and the sixth-biggest daily total this year.
ETF inflows remain below January’s peak when multiple trading days topped $700 million U.S. of new capital. Still, the latest data is encouraging for the crypto sector, say analysts.
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The rise in ETF inflows comes as Bitcoin continues to stall around $70,000 U.S. due to ongoing market and geopolitical uncertainties.
Analysts say that BTC ETFs are benefitting as they act as a primary source of marginal buying among crypto investors.
ETFs are also seeing increased action as futures markets price in a 98% probability that the U.S. Federal Reserve will hold interest rates steady at its April meeting.
Bitcoin ETF inflows, particularly from institutional investors, tend to be more forward-looking and see positioning ahead of future policy developments.
BTC is currently trading at $68,500 U.S.
