Key Points
- U.S. spot Bitcoin ETFs experienced a rebound with nearly $1 billion in net weekly inflows.
- Fidelity’s FBTC and Ark Invest’s ARKB dominated the inflows, while Grayscale’s GBTC registered a minor net outflow.
U.S. spot Bitcoin exchange-traded funds (ETFs) have continued their rebound, registering $948.3 million in net inflows last week.
This comes after the $116.8 million worth of net inflows generated the week before, marking a full recovery from four weeks of consecutive inflows in April, totaling $1.05 billion.
No Net Outflows Witnessed
There were no total net outflows for the combined funds any day last week.
Grayscale’s higher-fee GBTC was the only spot Bitcoin ETF to register any daily net outflows, losing $50.9 million on Tuesday.
This was more than offset by $63.2 million worth of net daily inflows for the rest of the week, resulting in GBTC generating $12.3 million in net weekly inflows.
Fidelity’s FBTC led the net inflows for a second week, adding $344.5 million, while Ark Invest’s ARKB was second with $243.7 million in net inflows.
BlackRock’s IBIT spot Bitcoin ETF came in third last week, bringing in $131.8 million.
Significant Slowdown in Overall Flows
Despite the recent inflows, the overall flows for the spot Bitcoin ETFs have slowed considerably since peaking at a net daily inflow of $1.05 billion on March 12.
The price of Bitcoin has dropped 23% from its all-time high of $73,836 on March 14 to a low of $56,500 on May 1.
However, the price of Bitcoin has gained around 8% over the past seven days and is currently trading for $67,236.
Last week’s inflows were largely a response to the cooler U.S. CPI report, with the last three trading days of the week making up over 80% of the total weekly flows.
Outflows from digital asset investment products in Hong Kong, Canada, and Sweden meant that overall global inflows for crypto exchange-traded products were $932 million last week.
While Bitcoin flows dominate, Ethereum continues to witness outflows due to bearishness over the prospects for an SEC approval of a spot-based ETF.
Trading volume for the U.S. spot Bitcoin ETFs picked up slightly last week to reach $8.5 billion.
Despite losing dominance in terms of inflows in recent weeks, BlackRock’s IBIT hit a record market share by trading volume of 55.2% on Thursday.
This has further eroded the market share of Grayscale’s GBTC fund, which has fallen from 50.5% to 18.5% since the Jan. 11 launch.
Fidelity’s FBTC is third at 17.7%.
BlackRock is also closing in on Grayscale in terms of assets under management, with IBIT now holding over 276,759 BTC ($18.6 billion) compared to GBTC’s 288,954 BTC ($19.4 billion).
