Spot bitcoin ETFs report $302 million inflows led by Fidelity’s FBTC

Quick Take

  • U.S. spot bitcoin exchange-traded funds recorded a total daily net inflow of $302.97 million.
  • The largest daily inflow was seen from Fidelity’s FBTC, which drew in $131 million.

Spot bitcoin exchange-traded funds in the U.S. recorded a total daily net inflow of $302.97 million on Wednesday, the largest since May 3.

Fidelity’s FBTC led the inflows with $131 million worth of daily inflows, followed by Bitwise fund’s $86 million, according to SoSoValue data. Ark Invest and 21Shares’ ARKB drew in $39 million, while bitcoin ETFs managed by Valkyrie, VanEck, Franklin Templeton, WisdomTree, and both Invesco and Galaxy Digital reported single-digit net inflows.

Meanwhile, Grayscale’s GBTC, the largest spot bitcoin fund in terms of net asset value, recorded its third-ever net inflows yesterday, bringing in $27 million. BlackRock, the second largest, recorded zero flows.

“The large inflows suggest that investment advisors and hedge fund managers consider BTC ETFs a unique hedge, providing diversification benefits that traditional asset classes cannot offer,” Rachael Lucas, crypto analyst at BTC Markets, told The Block.

“Despite recent fluctuations, the cumulative net inflow of $12 billion since their debut in January highlights continued attractiveness of these financial instruments,” Lucas added.

As of Wednesday, the 11 spot bitcoin ETFs in the U.S. have seen $12.15 billion worth of cumulative net inflows. However, trading volume on the ETFs has been in a steady decline since peaking in March, according to The Block's Data Dashboard

The price of bitcoin rose 6.65% in the past 24 hours to $66,081 at the time of publication, according to The Block’s price data.

On Wednesday, New York-based hedge fund Millennium Management revealed that it held $1.94 billion worth of shares in five spot bitcoin ETFs, as of March 31. Its largest allocation was in BlackRock’s IBIT, roughly around $844 million. 


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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

AUTHOR

Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.

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To contact the editor of this story: Timmy Shen at [email protected]

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