Bitcoin ETFs raise $39 million as price stalls at $58,000

Bitcoin (BTC) has not made any progress over the past day. On Wednesday night, the coin rose by more than 4% to over $58,000, but since then the price has remained loyal to this zone.

While the Bitcoin price is clearly starting to struggle, US bitcoin spot Exchange-Traded Funds (ETFs) have raised new capital for the third time this week; $39 million to be exact.

BTC Funds Heading for Green Week

Farside Investors reported recent net inflows. On Monday and Tuesday, the funds also ended in the green – with inflows of $28.6 million and $117 million – but on Wednesday, the funds fell back into their old negative pattern with a loss of $43.9 million.

The funds launched in January are heading for another green week, having so far raised just over $100 million. Of course, anything can happen today; in recent weeks, we have seen more than $100 million, and sometimes even $200 million, daily outflows.

For once yesterday, it wasn’t Fidelity’s FBTC fund – which had been the top performer for the rest of the day – but the joint ARKB fund from ARK Invest and 21Shares that was the best performer with $18.3 million in inflows. The FBTC fund followed with $11.5 million in new capital.

BlackRock continues its disappointing streak with another $0 inflow, which simply means there was no significant difference between inflows and outflows. It has been almost three weeks since the IBIT fund managed to rake in capital.

Grayscale’s GBTC fund ended the day with a usual loss, of $6.5 million.

BTC price loses momentum

The tens of millions of dollars that flowed into the Bitcoin ETFs were not enough to push the underlying price higher.

On Wednesday night, Bitcoin finally managed to break through the $58,000 barrier after two failed attempts earlier in the week. Despite this breakthrough, the next resistance around $59,500 seems to be a step too far for the bulls.

The price is clearly showing signs of weakening momentum and is therefore at risk of a correction. If this happens, Bitcoin could fall back to the next support level around $56,500.