Key Points
- US spot Bitcoin ETFs experienced a net inflow of $116.8 million last week, following four weeks of outflows.
- Global crypto investment products also saw net inflows of $130 million for the first time in five weeks.
After four consecutive weeks of outflows, spot Bitcoin exchange-traded funds (ETFs) in the United States saw a net inflow of $116.8 million last week. This comes after more than $1 billion was withdrawn during the previous period.
Details on Specific ETFs
The only spot Bitcoin ETF to register net outflows last week was Grayscale’s Bitcoin Trust, with $171.1 million leaving the fund. This happened despite the fund breaking its 78-day outflow streak with $63 million worth of net inflows on May 3 and an additional $3.9 million on the following Monday.
Fidelity’s FBTC dominated last week’s net inflows, adding $111.3 million. It was followed by Ark Invest’s ARKB, which generated $82.8 million worth of net inflows.
BlackRock’s previously dominant spot Bitcoin ETF, IBIT, has been more subdued recently. It registered its first net daily outflows on May 1 and came in third last week with $48.1 million in net inflows.
The total net inflows for all the ETFs combined currently stand at $11.7 billion.
Overall Market Flows
The overall flows for the spot Bitcoin ETFs have significantly slowed since reaching a net daily inflow peak of $1.05 billion on March 12. Following this, Bitcoin dropped 23% from its latest all-time high of $73,836 on March 14 to a low of $56,500 on May 1 before recovering.
The global crypto investment product market also saw net inflows totaling $130 million for the first time in five weeks. This includes the U.S. spot Bitcoin ETF net flows.
Despite the reversal in flows, the trading volume for the U.S. spot Bitcoin ETFs declined to $7.4 billion last week, down from $11 billion in the previous week. The global crypto exchange-traded product market also fell to $8 billion last week compared to a $17 billion April weekly average.
The spot Bitcoin ETF hype seems to have died down, with April’s net monthly outflows reaching $343.5 million. This ended their three-month inflow streak and continued into May. While last week’s net inflows are encouraging, it remains to be seen whether this indicates a long-term trend reversal for the U.S. spot Bitcoin ETF category.
In contrast, ether-based investment products saw net outflows last week amid declining sentiment on the prospect of spot ether ETF approvals in the U.S. anytime soon.
