Bitcoin ETFs see second highest daily inflow since March with 8866 million added
The spot Bitcoin exchange-traded funds (ETFs) based in the U.S. have recently experienced a surge in net inflows, marking their second-best day ever with a total of $886.6 million coming in.
Data from Farside Investors revealed that the Fidelity Wise Origin Bitcoin Fund (FBTC) led the pack with $378.7 million in inflows, followed closely by Blackrock’s Bitcoin ETF (IBIT) with $274.4 million. The ARK 21Shares Bitcoin ETF (ARKB) also performed well, attracting $138.7 million in net inflows.
On the other hand, the Grayscale Bitcoin Trust (GBTC) saw a rare inflow day, bringing in $28.2 million. This was only the seventh inflow day for GBTC since its conversion to a spot ETF in January, amidst net outflows amounting to over $17.8 billion.
The high management fee of 1.5% for GBTC has been a deterrent for investors, especially when compared to the lower fees offered by competitors like BlackRock. Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex did not see any demand for their Bitcoin ETFs on June 4.
Overall, June 4 was a strong day for Bitcoin ETFs, with the ten issuers collectively receiving a total net inflow of $1.05 billion, the highest since March 12. ETF Store president Nate Geraci responded to critics who doubted the demand for Bitcoin ETFs, questioning how there could still be such high inflows if all potential investors had already entered the market.
Bloomberg ETF analyst Eric Balchunas also noted the positive flows for the Bitcoin ETFs, excluding Hashdex, on X. Despite Hashdex’s struggle to attract inflows with their Bitcoin ETF (DEFI), the overall market for Bitcoin ETFs has been performing well.
The recent surge in net inflows for spot Bitcoin ETFs follows a period of slowed inflows in April, which experts deemed as a normal market phenomenon. The resilience of Bitcoin ETFs, even after significant selloffs, has demonstrated their staying power and ability to attract new investors.
In May, the U.S.-based spot Bitcoin ETFs saw 15 consecutive sessions of net inflows, leading to BlackRock’s iShares Bitcoin Fund (IBIT) surpassing $20 billion in assets under management for the first time. Balchunas estimated that approximately $2.4 billion in new money flowed into Bitcoin ETFs over the past month, making it one of the top performers in the ETF market.
The launch of Australia’s first spot Bitcoin ETF is also expected to further boost the market, as interest in Bitcoin ETFs continues to grow globally.
