Key Points
- US spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded their second-highest net inflow of $887 million in a single day.
- The Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) led the inflow with $378.7 million and $275 million respectively.
US-based spot Bitcoin (BTC) exchange-traded funds (ETFs) had a significant day with a joint net inflow of $887 million.
This marks the second-best day ever for these funds.
Leading Funds
The Fidelity Wise Origin Bitcoin Fund (FBTC) led the pack with an inflow of $378.7 million.
Following closely was BlackRock’s iShares Bitcoin Trust (IBIT) with $275 million.
Data from Farside Investors and X account HODL15Capital provided these figures.
The ARK 21Shares Bitcoin ETF (ARKB) also performed well, recording over $138 million in net inflows.
This is the highest these funds have seen since March 12, when they recorded a record inflow of $1.04 billion.
Other Noteworthy Funds
The Grayscale Bitcoin Trust (GBTC) also experienced an inflow of $28.2 million.
This is only the seventh time it’s experienced an inflow since it converted from a closed-end fund to a spot ETF in January.
The GBTC has faced over $17.8 billion in net outflows, largely due to its high management fee of 1.5% and its narrowed discount.
Many holders saw this as an opportunity to exit.
The Grayscale’s Bitcoin fund initially held 620,000 BTC when the spot Bitcoin ETFs launched, but that’s now fallen to 285,481 BTC, worth $20.2 billion.
Nate Geraci, ETF Store president, responded to critics who claimed the Bitcoin ETFs would see little demand.
He questioned the validity of these claims.
However, the Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex didn’t see any demand, recording no flows for June 4.
This occurred as Bitcoin rallied 2.9% to $71,000 over the last 24 hours.
