The Bitcoin craze has entered a period of emotional adjustment, and the price of Bitcoin has regained $43,000, but whether it can break through the highs at the beginning of the year again requires more observation. On the other hand, compared to spot Bitcoin, Bitcoin issued this yearETFs continue to be popular. Net inflows into Bitcoin ETFs rose slightly for the seventh consecutive trading day, highlighting its appeal to investors.

According to data from BitMEX Research, BlackRock Bitcoin ETF (IBIT) leads the list of Bitcoin ETFs, with a net inflow of US$137 million in the past 7 working days, and the market value of the ETF reached US$3.2 billion.

Another data shows that BlackRock’s Bitcoin ETF has become one of the top five ETFs in 2024 in terms of inflows 17 days after its launch.

In addition to BlackRock, Fidelity’s Bitcoin ETF (FBTC) also ranked in the top ten of the ETF list in terms of net inflows, with inflows reaching US$2.7 billion.Long term staunch bulls

A new report from CoinShares notes that cryptocurrency funds have seen cumulative net inflows of $1.6 billion this year, outperforming many traditional ETFs in U.S. financial markets.

However, it is noteworthy that fund inflows into ETFs are gradually showing signs of weakness. On Tuesday, 7 of the 10 Bitcoin ETFs had zero inflows on the day, the first time this has happened in this space.

The Grayscale Bitcoin Trust Fund, which has been experiencing capital outflows, seems to have begun to "stop the bleeding", with only an outflow of $108 million on Tuesday, the lowest level since the first day of trading. Its total net outflows currently exceed $6 billion.

BitfinexAlpha reported that Bitcoin miners sent large amounts of Bitcoin to the exchange before and after the ETF was listed. In the 48 hours before the ETF was listed, more than $1 billion in Bitcoin flowed from miner wallets to exchanges; on February 1, approximately 13,500 Bitcoins were sent to the exchange again.

Industry insiders analyze that the listing of ETF has indeed awakened some originally dormant Bitcoins and changed the old Bitcoin supply pattern. Some miners hope to take advantage of the surge in market prices before the ETF was approved.

The slowdown in capital inflows and the fact that miners are taking advantage of the trend to cash out seems to mean that Bitcoin spot and ETFs have entered a period of adjustment. But there are still some miners who remain on hold and show extremely firm bullish belief.

Blockchain data shows that long-term Bitcoin investors continue to hold Bitcoin and are unwilling to sell at the current price, highlighting their confidence in Bitcoin’s long-term upward trend.