US spot bitcoin ETFs report $147 million in net inflows, extending positive streak to 4 days
Quick Take
- Wednesday’s net inflows marked a fourth consecutive day of positive fund flows on spot bitcoin ETFs in the U.S.
- Fidelity’s FBTC led the inflows with $58 million.
The U.S. spot bitcoin exchange-traded funds recorded a total daily net inflow of $147.37 million on Wednesday, marking a fourth consecutive day of positive fund flows.
Fidelity’s FBTC led inflows on Wednesday with $57.79 million, according to data from SoSoValue. This was followed by Franklin Templeton’s spot bitcoin fund, which drew in $31.66 million, its largest fund intake since early May.
BlackRock’s IBIT, the spot bitcoin fund with the largest net asset value, reported net inflows of $22.24 million yesterday, and Valkyrie's BRRR posted net inflows of $20.68 million.
Invesco and Galaxy Digital’s BTCO also reported around $9.5 million in inflows, while funds from Ark Invest and 21Shares, Bitwise and VanEck saw smaller amounts of net intake.
Grayscale’s GBTC, the second largest bitcoin ETF, was the only fund to report net outflows yesterday, worth $8.15 million.
A total of $1.25 billion worth of value was traded on the 11 spot bitcoin funds on Wednesday. However, the trade volume in spot bitcoin ETFs remained at a significantly lower level compared to the height in March, when over $8 billion was traded on several days. The ETFs have accumulated a total net inflow of $15.42 billion since January.
Bitcoin’s value fell 2% to $57,623 in the past 24 hours, according to The Block’s bitcoin price page. It made a fair amount of recovery from last week’s drop but remains significantly lower than the price range of over $70,000 in early June. Crypto investors still face uncertainties in the market regarding Mt Gox payout distributions and the selling pressure from the German government’s bitcoin moves.
Meanwhile, Matt Hougan, chief investment officer at crypto asset manager Bitwise, said bitcoin could potentially reach $100,000 by the year-end, due to factors including changing political attitudes towards bitcoin and possible interest rate cuts by the U.S. Federal Reserve.
This article was updated to clarify the ETF trading volume in March.
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