Bitcoin ETFs About to Turn Green Despite Massive BTC Price Plunge

Even though Bitcoin has suffered a 50% drawdown, the US exchange-traded funds (ETFs) tied to the leading cryptocurrency are showing rather remarkable resilience.

Rather impressive capital injections are pushing the year-to-date flows to the brink of turning positive.

Bloomberg Senior ETF Analyst Eric has noted that ETFs currently hold a combined 1.28 million Bitcoin. This, of course, makes them the largest collective holder in the world.

Even though there was a painful streak of outflows, their buyers are seemingly refusing to capitulate.

As reported by U.Today, Balchunas also recently praised the resilience of XRP ETFs as "really impressive" (considering that they were launched into a massive market correction).

Current Bitcoin ETF flows

According to the latest SoSoValue market data, the funds recorded a robust daily total net inflow of $250.92 million. They bring the cumulative lifetime net inflow to $55.79 billion.

This capital injection pushed the total net assets held across all U.S. Bitcoin ETFs to $90.02 billion. This makes up more than 6% of Bitcoin's total global market capitalization.

The total value traded across these instruments reached $3.60 billion for the day,

In late January and early February, the funds suffered a brutal capitulation phase with $817.87 million net outflow on Jan. 29 and a subsequent $544.94 million loss on Feb. 4.

However, the tide definitively turned in late February and early March.

March 4, for instance, brought a massive $461.77 million inflow. This helped to offset earlier losses.

The performance of Bitcoin ETFs remains volatile, but one thing does not change: BlackRock's iShares Bitcoin Trust (IBIT) continues to absolutely dominate the sector. On March 10 alone, IBIT absorbed $185.76 million in fresh inflows.