Bitcoin ETFs Draw Cash Again as Token Remains 50% Below Record

US-listed spot Bitcoin exchange-traded funds (ETFs) saw net inflows for the second consecutive week, raising hopes that cryptocurrencies may be finding a floor. The 13 spot Bitcoin ETFs attracted $75.7 million last week, adding to the $197.4 million they secured the previous week.

The reversal comes after nearly two months of capital flight, which saw investors drain $424.7 million from the funds last Monday following renewed military conflict between the US and Iran.

'I think it is a sign of bottoming,' said Richard Galvin, executive chairman at crypto investment firm DACM. 'Given their size and breadth, the ETFs have become a good read on general sentiment to Bitcoin and the sector.'