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In a remarkable shift of investor sentiment, spot Bitcoin ETFs have recorded a substantial net inflow of funds, signaling a renewed confidence in the leading cryptocurrency.
Spot Bitcoin ETFs Attract $247 Million
The past week has seen a significant movement in the cryptocurrency space as spot Bitcoin ETFs experienced a net inflow of $247 million. This marks a notable change from recent trends, with investors showing a heightened interest in Bitcoin-backed exchange-traded funds.
Divergent Fund Flows
While the overall market for Bitcoin ETFs has been bullish, the fund flows have not been uniformly distributed. Excluding Grayscale, nine other ETFs collectively saw a net inflow of $467 million. Among them, BlackRock’s ETF, known as IBIT, stood out with a remarkable single-day net inflow of $299 million, accounting for 64% of the total weekly inflows, as per data from SoSo Value.
Grayscale’s Restructuring Moves
In contrast, Grayscale’s Bitcoin Trust (GBTC) reported a significant net outflow of $220 million. The trust transferred 2,682 BTC to Coinbase Prime Deposit and moved an additional 5,281 BTC to a new, speculated custody address. These transactions hint at a potential overhaul in Grayscale’s asset management approach.
Bitcoin’s Price Resurgence
Despite the outflows from GBTC, the recent influx of capital into the Bitcoin ETFs has been a boon for Bitcoin’s valuation. The cryptocurrency has witnessed a sharp increase in price, reaching a peak unseen in the last three weeks. ETF issuers have expanded their Bitcoin holdings by over 4,200 BTC, valued at approximately $183 million. This surge comes as a reversal from the previous week’s trend, which saw nearly 20,000 Bitcoins withdrawn from the funds.
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