US spot Bitcoin exchange-traded funds (ETFs) are showing signs of recovery despite ongoing price turmoil in the cryptocurrency market.

The 11 ETFs with direct exposure to Bitcoin in the United States experienced their third straight session of daily net equity inflows of about USD 216 million on Tuesday, after seeing the largest inflow in a month of about USD 295 million on Monday, according to SoSoValue data. This followed Friday’s daily inflows of USD 143 million.

Inflows into the fund group slowed in recent weeks, following the long run of outflows seen in June. In particular, inflows in the week leading to 25 June, despite persisting for several days, were lower than Monday’s daily inflows. The last such inflow was recorded on 6 June at USD 217.7 million.

IBIT, BlackRock’s spot Bitcoin ETF, led Tuesday with inflows of USD 121 million, followed by FBTC, Fidelity’s product, with USD 91 million, according to data from Farside Investors. The Ark Invest and VanEck funds also saw inflows, albeit smaller, of USD 43 million and USD 3.3 million respectively.

Daily outflows from Grayscale’s GBTC and Bitwise’s BITB of USD 37.5 million and USD 4.7 million dented the group’s combined inflows on Tuesday. The other ETFs were neutral during the session, with no inflows or outflows on the day.

A total of USD 1.19 billion was traded in US spot Bitcoin ETFs on Tuesday, The Block said. To date, they have accumulated a total net inflow of USD 15.274 billion, says Farside.

Bitcoin faces turbulence

The recent inflows into ETFs have come against a bearish backdrop for bitcoin, which over the weekend plunged below USD 55,000 and hit its lowest price in five months. Several factors, including Mt. Gox payouts, alleged German government sell-offs and uncertain US economic expectations, have weighed on the downside over the past two weeks.

On Tuesday, Bitcoin showed some signs of revival following a prepared speech by US Federal Reserve (Fed) Chairman Jerome Powell on inflation. Powell acknowledged an improvement in the US economy and expressed his confidence that inflation is heading towards the central bank’s 2% target.

The remarks by the monetary authority’s chairman served to give fresh hope for an upcoming and long-awaited interest rate cut, which investors expect to materialize in September. Investors await key US economic data at the end of this week, which could be decisive for cryptocurrency prices in the near term.

Bitcoin (BTC) is trading around USD 58,400 at the time of publication, up 1.8% from a week ago, but down 3% from a day ago, as indicated by data from CoinMarketCap.