Investors poured cash into the U.S.-listed bitcoin BTC$78,937.14 ETFs Monday, proving Wall Street still loves the cryptocurrency despite the recent price turmoil.

The 11 ETFs recorded a total net inflow of $561.8 million, the largest single day buying since Jan. 14, according to data source Farside Investors.

BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC led the buying, posting inflows of $142 million and $153.3 million, respectively, pointing to sustained demand even as price momentum weakened. Bitcoin fell to nine-month lows over the weekend, scaring markets into anticipating a disorderly price action across global markets on Monday. However, contrary to these fears, markets stabilized somewhat.

The renewed inflows end the near ten-day outflow streak characterized by investors yanking millions as bitcoin declined from around $98,000 to under $75,000.

A notable divergence still remains. Spot bitcoin is roughly 40% below its October all time high, yet pot ETFs hold about 1.3 million BTC in assets under management, only around 5% below their October peak of 1.37 million BTC, according to checkonchain data.

Still underwater

While the average cost basis across U.S. bitcoin ETFs now sits at approximately $84,099, spot bitcoin trades near $78,000.

Bitcoin has traded below ETF cost bases before, particularly in the second half of 2024, making this an important test of ETF buyer conviction. Should they capitulate, the resulting redemptions could add to bearish pressures in the market.