Spot bitcoin ETFs have their best day in two weeks

Spot bitcoin exchange-traded funds in the United States saw inflows return substantially yesterday, with a net of $418 million flowing into the new products.

The net inflow is the largest recorded in two weeks and follows yesterday's net inflow of $15.7 million — which broke a five-day net outflow streak.

A cumulative total net inflow of $11.7 billion has now been recorded, according to data from So So Value.

Fidelity's spot bitcoin ETF (FBTC) was the day's primary beneficiary, recording nearly $280 million in net inflow.

BlackRock's iShares Bitcoin ETF (IBIT) attracted a net inflow of $162 million — significantly more than the competition but still taking second place on the day to Fidelity's rival product.

Ark Invest and 21 Shares ARKB also had its best day in two weeks, bringing in a net $73.60 million.

Conversely, Grayscale's GBTC continued to see funds flow out of the product. A net outflow of $212 million was recorded yesterday. More than $14.3 billion has flowed out of GBTC in total.

While funds flow out of GBTC, its discount to NAV has decreased daily and is approaching 0%. Currently, the metric is at -1.55%, according to The Block's data — substantially closer to parity than the -8% it started the year at.

The new spot bitcoin ETFs in the U.S. have largely been a resounding success.

As noted by Bloomberg Senior ETF Analyst Eric Balchunas, four bitcoin ETFs rank among the products ever in their first 50 days on the market, with "IBIT and FBTC in a league of their own."

The bitcoin price is trading just below $70,000 and is down 2% over the past 24 hours, according to The Block's price data.