Spot BTC ETFs kick off the week with positive flows, spearheaded by Fidelity.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) experienced the largest inflow on May 13, contributing to a positive flow of $66 million in the broader exchange-traded fund (ETF) market, despite several other products seeing no flows for the day, according to market data. Farside Investors reported that Bitcoin (BTC) ETFs collectively saw a net inflow of $66 million after consecutive days of net outflows, with FBTC leading the way with an inflow of $38.6 million. Bitwise Bitcoin ETF (BITB) followed with an inflow of $20.3 million, while VanEck Bitcoin Trust (HODL) also saw inflows after experiencing zero flows from May 7 to May 10. This influx of funds halted a two-day trend of net outflows for Bitcoin ETFs, which were triggered by capital exiting the Grayscale Bitcoin Trust (GBTC). Interestingly, the BlackRock iShares Bitcoin Trust (IBIT) experienced zero flows for the third time this month, following two consecutive days of inflows. The Ark 21Shares Bitcoin ETF (ARKB) also reported its second consecutive day of zero flows. On May 3, all Bitcoin ETFs experienced inflows for the first time since January, when the ETF was launched in the U.S. This came after GBTC saw its first inflow following a series of consecutive outflows that significantly reduced its Bitcoin holdings and negatively impacted the daily performance of the broader spot Bitcoin ETF market. Despite recent market uncertainty, institutional adoption of Bitcoin has been prevalent, with Wells Fargo recently investing over $143,000 in the Grayscale Bitcoin ETF and holding shares of Bitcoin Depot on its balance sheet. The company also holds shares in the ProShares Bitcoin Strategy ETF, which provides exposure to Bitcoin futures, and the Grayscale Bitcoin Trust, which has been converted into an ETF. In a flat crypto market, meme coins have once again emerged as the top gainers.
