U.S. listed spot Bitcoin (BTC) exchange-traded funds (ETFs) have posted their first monthly inflows since the cryptocurrency winter began last October.
Spot Bitcoin ETFs ended March with $1.32 billion U.S. of net inflows, their first positive performance in months.
Bitcoin ETFs have seen a steady stream of net outflows in recent months, which have coincided with BTC declining by as much as 50% from its October all-time high of $126,000 U.S.
November saw $3.5 billion U.S. in outflows, followed by $1.1 billion U.S. in December, $1.6 billion U.S. in January, and $206 million U.S. in February, according to market data.
Due to the steady outflows, most Bitcoin ETF investors remain underwater on average, with an estimated cost basis of $84,000 U.S. compared to a current spot price of $68,500 U.S.
However, some analysts see tentative signs of a recovery taking hold in the cryptocurrency market and say that the March inflows into Bitcoin ETFs is a positive sign.
Other cryptocurrencies, such as Ethereum (ETH) and XRP (XRP), have seen their prices firm in recent weeks.
