Key Points
- US spot Bitcoin (BTC) exchange-traded funds (ETFs) are experiencing a resurgence in capital inflow.
- Blackrock’s and Fidelity’s funds are leading the inflow, with a combined net inflow of $418 million on March 26.
After five days of consecutive net outflows, US spot Bitcoin (BTC) exchange-traded funds (ETFs) are seeing a revival in capital inflow.
Strong Inflows into Blackrock’s and Fidelity’s Funds
Data from Farside Investors indicates that the ten recently approved spot Bitcoin ETFs received a combined net inflow of $418 million on March 26.
The largest daily inflow since March 13 was recorded by Fidelity’s fund, amassing $279.1 million on March 26.
This marked the second consecutive day the fund has seen inflows exceeding $260 million.
BlackRock’s fund also attracted inflows of $162.2 million, despite its daily inflows remaining low compared to earlier in the month which averaged over $300 million per day.
Other Funds and Grayscale’s Bitcoin Trust
Invesco Galaxy, Franklin Templeton, and Valkyrie all saw inflows exceeding $26 million.
On the other hand, Grayscale’s Bitcoin Trust (GBTC) continued to see outflows, with a daily outflow of $212 million.
However, the outflow was not enough to outweigh the net inflows of its competitors.
Since converting from a trust to an ETF on Jan. 11, Grayscale has lost about 277,393 BTC worth roughly $19.5 billion at current prices.
Eric Balchunas, a senior ETF analyst at Bloomberg, noted the presence of Bitcoin ETFs in a chart of the largest 30 asset funds in their first 50 days of trading.
Four Bitcoin ETFs made the list of global funds, with BlackRock’s IBIT and Fidelity’s FBTC standing out.
He also noted that the Bitwise Bitcoin ETF (BITB), currently the 18th largest Bitcoin ETF by assets under management, was larger than the world’s largest SPDR Gold Shares (GLD) fund.
On March 26, crypto asset management firm Hashdex became the eleventh spot Bitcoin ETF issuer in the United States.
This came after the conversion of its futures fund to a spot product which now trades under the ticker DEFI.
