The Bitcoin ETF has seen an impressive $418 million bounce since its recent outflow.

The US Bitcoin Spot ETF saw a surprising turnaround this Tuesday with a massive net inflow of $418 million. This comes after the ETF experienced five straight days of net outflows last week while Bitcoin fell below $60,000.

new: #bitcoin The ETF saw net inflows of $418 million yesterday, following five consecutive days of outflows last week.

We’re back 🙌 pic.twitter.com/qfobpZOT5b

— Bitcoin Magazine (@BitcoinMagazine) March 27, 2024

The turnaround is a sign of renewed confidence among institutional investors, who have been investing enthusiastically in Bitcoin ETFs since the first U.S. ETF was approved earlier this year. The SEC has now approved 11 Bitcoin ETFs after years of rejecting applications.

Fidelity’s Wise Origin Bitcoin Trust ETF (FBTC) led Tuesday’s surge. Inflows reached $279 million, the largest single-day increase since launch.

These inflows stand in stark contrast to last week’s bearish sentiment, which saw more than $200 million exit Bitcoin ETFs as prices fluctuated amid a broader decline in Bitcoin prices.

Now that Bitcoin has stabilized around $70,000, institutional interest is returning. BlackRock’s iShares Bitcoin ETF (IBIT) added $162 million on Tuesday while Grayscale’s Bitcoin Trust (GBTC) continued to lose assets. Total assets under management across Bitcoin ETFs are nearly $59 billion.

The sharp reversal of inflows highlights Wall Street’s growing appetite for Bitcoin exposure through regulated investment vehicles. The Bitcoin ETF has passed its first real test in a volatile market environment.

If adoption trends continue despite market volatility, Bitcoin ETFs could solidify their status as the preferred Bitcoin on-ramp for institutional dollars. Their growth and resilience reflects the growing mainstream acceptance of Bitcoin.