US spot bitcoin ETFs record $216 million in net inflows, continuing positive flow streak
Quick Take
- Spot bitcoin ETFs in the U.S. saw $216.33 million worth of net inflows on Tuesday.
- BlackRock’s IBIT led the net inflows with $121 million.
The 11 spot bitcoin exchange-traded funds in the U.S. saw $216.33 million in net inflows on Tuesday, extending the positive streak to a third day.
BlackRock’s IBIT, the largest spot bitcoin fund in terms of net asset value, led the pack of inflows with $121.03 million, followed by Fidelity’s FBTC, which recorded $90.95 million in net inflows, according to data from SoSoValue. Ark Invest and 21Shares’ ARKB reported $43.3 million in inflows, while VanEck’s bitcoin fund also saw $3.27 million.
On the other hand, Grayscale’s GBTC, the second largest bitcoin ETF, reported outflows of $37.5 million. Bitwise’s BITB also reported net outflows of $4.72 million.
A total of $1.19 billion worth of value was traded on the 11 spot bitcoin funds on Tuesday. The ETFs have accumulated a total net inflow of $15.27 billion since their January inception.
Bitcoin’s price rose 1.58% in the past 24 hours to change hands at $58,154, according to The Block’s bitcoin price page. The cryptocurrency has been fluctuating since falling to lows near around $54,000 last Friday as defunct crypto exchange Mt Gox started moving its bitcoin for its $9 billion payout.
Meanwhile, U.S. Federal Reserve Chair Jerome Powell said in his Capitol Hill speech on Tuesday that the U.S. economy is no longer overheated and that the labor market appears to be “fully back in balance.” Investors await key U.S. economic data later this week, with the initial jobless claims and consumer price index set to be announced Thursday.
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