In a significant turnaround, the 10 spot bitcoin ETFs experienced net inflows on Monday, ending a week-long streak of outflows. This development played a key role in driving the price of bitcoin to its highest level since the day after the funds began trading.

Despite witnessing slowing net outflows at the Grayscale Bitcoin Trust (GBTC), ETF issuers collectively added over 4,200 bitcoin to their holdings on Monday, amounting to approximately $183 million. This influx of bitcoin marks a stark contrast to the continuous outflows observed in the previous week, with around 20,000 bitcoin leaving the funds from January 23 to January 26.

The last instance of net inflows occurred on January 22, when the spot funds, as a group, added a little over 1,200 bitcoin. This positive momentum has propelled the price of bitcoin, which had dipped below $39,000 due to increased selling pressure, to reach as high as $43,900 earlier on Monday. As of press time, bitcoin is trading at $43,500, reflecting a 10% increase from its levels a week ago.

While outflows at GBTC have been steadily decreasing since the launch of the ETFs, the fund witnessed an average of $470 million exiting in the first six days post the spot ETFs' trading debut. However, on Monday, this number dropped to $192 million, as reported by research firm BitMEX.

According to BitMEX's analysis, the new ETFs have seen significant net inflows surpassing $1 billion over the first 12 trading days since their approval on January 10. This suggests growing investor confidence and optimism surrounding the adoption of bitcoin ETFs.

It is worth mentioning that CoinDesk, a leading news outlet covering cryptocurrency and digital assets, has undergone updates to its privacy policy, terms of use, cookies, and personal information policies. CoinDesk was acquired by Bullish group in November 2023, a regulated institutional digital assets exchange, which is majority-owned by Block.one. Both entities have interests in various blockchain and digital asset businesses, including considerable holdings of bitcoin. CoinDesk continues to operate independently, maintaining stringent editorial policies under the guidance of an appointed editorial committee.

Helene, a New York-based news reporter at CoinDesk, is currently focused on covering the ongoing criminal trial of prominent crypto figure Sam Bankman-Fried. Helene, a recent graduate of New York University's business and economic reporting program, has made appearances on CBS News and Nasdaq TradeTalks. It is important to note that she holds both BTC and ETH.

CoinDesk is also gearing up for Consensus 2024, its renowned and influential event that brings together all stakeholders from the crypto, blockchain, and Web3 communities. Registration and pass purchases for this event can be done at consensus.coindesk.com.