Bitcoin exchangetraded funds witness secondhighest daily inflow since March with 8866 million added
The United States-based Bitcoin exchange-traded funds (ETFs) have had a remarkable day of net inflows, ranking as the second-best in their history. Preliminary data suggests an influx of $886.6 million.
Farside Investors data reveals that the Fidelity Wise Origin Bitcoin Fund (FBTC) took the lead with $378.7 million in inflows, closely followed by Blackrock’s Bitcoin ETF (IBIT) with $274.4 million. The ARK 21Shares Bitcoin ETF (ARKB) secured the third position with $138.7 million in net inflows.
Furthermore, Farside data shows that the Grayscale Bitcoin Trust (GBTC) saw a rare net inflow day, bringing in $28.2 million. This marks the seventh inflow day for GBTC since its transition from a closed-end fund to a spot ETF in January.
Despite this positive news, GBTC has experienced significant net outflows amounting to over $17.8 billion. This is believed to be due to its high management fee of 1.5%, which is higher compared to the 0.25% for the BlackRock fund and even lower for other competitors, including fee waivers.
On June 4, the Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex did not witness any demand, recording zero flows for the day. However, for the ten Bitcoin ETF issuers overall, June 4 marked the highest net inflow day since March 12 when they received over $1.05 billion in total net inflows.
ETF Store president Nate Geraci responded to critics of Bitcoin on X, questioning the claims that Bitcoin ETFs would have minimal demand. Meanwhile, Bloomberg ETF analyst Eric Balchunas noted significant flows for the top ten Bitcoin ETFs, excluding Hashdex’s.
Hashdex’s Bitcoin ETF (DEFI) entered the market later than other issuers and has struggled to attract inflows. Despite this, on May 3, the U.S.-based spot Bitcoin ETFs experienced 15 consecutive sessions of net inflows, contributing to BlackRock’s iShares Bitcoin Fund (IBIT) surpassing $20 billion in assets under management for the first time.
According to Balchunas, over the past month, the ETFs attracted approximately $2.4 billion in new money, making it the third-largest net inflow across the entire ETF market. This resilience and ability to bounce back after market fluctuations showcase the ETFs’ staying power.
Following the initial enthusiasm surrounding the launch of spot ETFs, inflows slowed down in April and even turned negative for a few days, a common occurrence in the market. Australia’s first spot Bitcoin ETF is set to go live on Tuesday, further expanding the options available to investors.
