bitcoin

Bitcoin ETFs See Surge in Inflows, Reaching $1.05 Billion Recovery

The Big Whale

— 2 min read
  • U.S. spot bitcoin ETFs saw $948.3M in net inflows last week, fully recovering from previous outflows.
  • Fidelity's FBTC led with $344.5M in net inflows, followed by ARKB and IBIT.
  • Total net inflows since January surpassed $12.5B, but slowed from March peak.
  • Bitcoin price rose 8% in response to U.S. CPI report.
  • BlackRock's IBIT hit record market share by trading volume, closing in on Grayscale's GBTC.
  • 11 spot bitcoin ETFs reported $1.18B in net inflows over six days, totaling $12.87B since January.

Summary :
U.S. spot bitcoin exchange-traded funds (ETFs) experienced a significant increase in net inflows last week, totaling $948.3 million. This follows the previous week's net inflows of $116.8 million, bringing the total recovery from four weeks of consecutive inflows in April to $1.05 billion. Notably, there were no net outflows for the combined funds last week, except for Grayscale's GBTC, which experienced a net outflow of $50.9 million on Tuesday. However, this was offset by net inflows of $63.2 million throughout the rest of the week, resulting in a net weekly inflow of $12.3 million for GBTC. Fidelity's FBTC led the net inflows for the second consecutive week, adding $344.5 million, followed by Ark Invest's ARKB with $243.7 million. BlackRock's IBIT, which had previously dominated, came in third with $131.8 million in net inflows. The total net inflows for these ETFs since their launch in January have now surpassed $12.5 billion. However, the overall flows for spot bitcoin ETFs have slowed down significantly since reaching a peak net daily inflow of $1.05 billion on March 12. Coinciding with the increased net weekly inflows, the price of bitcoin has risen by approximately 8% over the past seven days, currently trading at $67,236. Last week's inflows were largely influenced by the cooler U.S. Consumer Price Index (CPI) report, with the majority of the total weekly flows occurring in the last three trading days. While bitcoin flows dominate, there were outflows from digital asset investment products in Hong Kong, Canada, and Sweden, resulting in global inflows for crypto exchange-traded products reaching $932 million last week. The trading volume for U.S. spot bitcoin ETFs slightly increased to $8.5 billion last week, with BlackRock's IBIT achieving a record market share by trading volume of 55.2% on Thursday. Additionally, BlackRock is closing in on Grayscale in terms of assets under management, with IBIT now holding over 276,759 BTC ($18.6 billion) compared to GBTC's 288,954 BTC ($19.4 billion).

Sources :

- TheBlock
- TheBlock

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