Key Points
- Spot bitcoin ETFs in the US record a net inflow of $418 million, the largest in two weeks.
- Fidelity’s spot bitcoin ETF (FBTC) and BlackRock’s iShares Bitcoin ETF (IBIT) were the primary beneficiaries.
Yesterday marked a significant day for spot Bitcoin ETFs in the US, as they saw a substantial return of inflows. The net inflow was recorded at $418 million, the highest in a fortnight.
This followed a net inflow of $15.7 million the previous day, breaking a five-day streak of net outflows. Consequently, the cumulative total net inflow now stands at $11.7 billion, according to data from So So Value.
ETF Beneficiaries
Fidelity’s spot bitcoin ETF (FBTC) emerged as the primary beneficiary of the day, recording nearly $280 million in net inflow. BlackRock’s iShares Bitcoin ETF (IBIT) also attracted a significant net inflow of $162 million, although it took second place to Fidelity’s product.
Ark Invest and 21 Shares ARKB also had a successful day, bringing in a net $73.60 million, marking their best day in two weeks.
GBTC Outflows
On the other hand, Grayscale’s GBTC saw a net outflow of $212 million. The total outflow from GBTC has now exceeded $14.3 billion. Despite this, GBTC’s discount to NAV has been reducing daily and is nearing 0%. The current metric stands at -1.55%, a significant improvement from the -8% at the start of the year.
The newly launched spot bitcoin ETFs in the US have been largely successful. As pointed out by Bloomberg Senior ETF Analyst Eric Balchunas, four bitcoin ETFs are among the top-performing products in their first 50 days on the market, with “IBIT and FBTC in a league of their own.”
The price of Bitcoin is currently trading just under $70,000, marking a 2% decrease over the past 24 hours.