Despite recent market fluctuations, U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) continue to experience robust inflows, with a remarkable $131 million added on June 7. This marked the 19th consecutive day of positive inflows, highlighting sustained investor confidence.
ETF Performance Highlights
- ARK 21Shares Bitcoin ETF (ARKB) saw net outflows of 1,364 BTC, equivalent to about $96.84 million, reducing its total holdings to 48,939 BTC valued at $3.47 billion.
- BlackRock led the inflows, adding 4,896 BTC worth $347.61 million, bringing its total holdings to 302,540 BTC valued at $21.48 billion.
- Fidelity Wise Origin Bitcoin Fund (FBTC) followed with significant inflows, securing 9,729 BTC valued at over $671 million over the past seven days.
- Valkyrie Bitcoin Fund (BRRR) and Franklin Bitcoin ETF (EZBC) remained neutral with zero net flows on June 7.
- VanEck Bitcoin Trust ETF (HODL) and Valkyrie Bitcoin Fund contributed smaller weekly net inflows of $7.7 million and $1.5 million, respectively.
Market Analysis
The influx of 3,689 BTC across nine different ETFs on June 7, valued at $261.91 million, underscores a broad-based interest in Bitcoin ETFs. This influx was primarily driven by BlackRock, which emerged as a dominant player in the market, overshadowing ARK 21Shares’ outflows.
Over the week, BlackRock registered the highest net inflow among Bitcoin ETFs with 13,482 BTC. Despite ARK 21Shares experiencing a decrease on June 7, it still managed a net inflow of 1,764 BTC worth approximately $121 million over the week.
Leading Bitcoin ETFs
- BlackRock remains the largest BTC ETF, with holdings exceeding $21 billion.
- Grayscale follows with 285,651 BTC valued at about $19.7 billion.
- Fidelity holds nearly $12 billion worth of Bitcoin.
Since their introduction in the U.S. in January, Bitcoin ETFs have collectively amassed holdings exceeding 880,000 BTC, valued at more than $62 billion.
Bitcoin Price and Market Dynamics
Despite the significant ETF inflows, Bitcoin’s price has remained relatively stable, fluctuating between $68,856 and $69,544 over the past day according to CoinGecko data. BTC has seen a minor decline of 0.9% in the past 24 hours, trading at $69,465 with a market cap of $1.36 trillion. Bitcoin’s market dominance stands at approximately 51.1%.
This slight price decline was accompanied by a notable drop in daily trading volume, which decreased by 34.81% to $20.9 billion.
Conclusion
The continued inflows into Bitcoin ETFs, particularly from major players like BlackRock and Fidelity, reflect strong investor confidence in the digital asset despite market volatility. As Bitcoin ETFs grow in prominence and holdings, they play an increasingly significant role in the broader cryptocurrency market, shaping its future trajectory and investor sentiment.
4o
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