Key Points
- Spot bitcoin ETFs in the U.S. saw a total daily net inflow of $302.97 million, with Fidelity’s FBTC leading the pack.
- Despite decreasing trading volumes, the cumulative net inflow of $12 billion since January indicates continued interest in these financial instruments.
Spot bitcoin exchange-traded funds (ETFs) in the United States reported a significant daily net inflow of $302.97 million, marking the largest since May 3. The inflow was spearheaded by Fidelity’s FBTC, which reported daily inflows worth $131 million.
Other Significant Inflows
The Bitwise fund followed closely with $86 million in inflows. Other notable contributions included Ark Invest and 21Shares’ ARKB, which brought in $39 million. ETFs managed by Valkyrie, VanEck, Franklin Templeton, WisdomTree, Invesco, and Galaxy Digital also reported single-digit net inflows.
Spot Bitcoin Fund Inflows
The largest spot Bitcoin fund in terms of net asset value, Grayscale’s GBTC, recorded its third-ever net inflows, adding $27 million. In contrast, BlackRock, the second largest, recorded no flows.
Investment advisors and hedge fund managers are increasingly viewing Bitcoin ETFs as a unique hedge, offering diversification benefits that traditional asset classes cannot provide. This is evident in the cumulative net inflow of $12 billion since their introduction in January, indicating the enduring appeal of these financial instruments despite recent market fluctuations.
As of Wednesday, the 11 spot bitcoin ETFs in the U.S. have attracted $12.15 billion in cumulative net inflows. However, trading volumes on these ETFs have been on a steady decline since peaking in March.
The price of Bitcoin increased 6.65% in the past 24 hours to $66,081. On the same day, New York-based hedge fund Millennium Management disclosed that it held $1.94 billion worth of shares in five spot bitcoin ETFs as of March 31. The largest allocation was in BlackRock’s IBIT, amounting to approximately $844 million.
