Spot Bitcoin exchange-traded funds (ETFs) in the United States have continued their impressive performance, with $423 million in net inflows recorded on Tuesday. This marks the eighth consecutive day of positive net inflows for these funds, highlighting sustained investor interest.
BlackRock’s IBIT Leads the Pack
BlackRock’s IBIT ETF led the surge with net inflows of $260.23 million, the highest single-day inflow since June 6, according to data from SoSoValue. The fund also saw substantial trade volume, with approximately $1.02 billion worth of trades executed on Tuesday.
Fidelity’s FBTC followed closely, reporting $61.05 million in net inflows. Other notable funds included Ark Invest’s ARKB and 21Shares’ ARKB, with net inflows of $29.85 million and $22.04 million, respectively.
Minor Flows in Other Funds
In addition to the major players, other spot Bitcoin funds, including those from Invesco, Galaxy Digital, Bitwise, Franklin Templeton, and Valkyrie, also experienced positive net inflows. Notably, Grayscale’s GBTC fund did not record any flow activity on Tuesday, indicating a temporary lull in investor interest.
The total trading value of U.S. spot Bitcoin funds reached $1.76 billion on Tuesday, demonstrating the robust trading activity and investor engagement in these financial products.
Cumulative Net Inflows Since Launch
Since their launch in January, U.S. spot Bitcoin ETFs have amassed a cumulative net inflow of $16.53 billion. This sustained interest from investors has been reflected in the price of Bitcoin, which rose by 1.61% to $65,865 on Tuesday, with a brief surge above $66,000.
In a recent note, Matteo Greco, a Research Analyst at Fineqia International, highlighted the bullish trend for Bitcoin over the past week. He noted that the price rise was supported by consistent net inflows into BTC spot ETFs, which exceeded $1 billion for the week, including $310 million recorded on Friday alone.
Milestone Achievements for Major Players
Greco also pointed out the significant milestones achieved by major players in the market. Fidelity’s FBTC surpassed $10 billion in assets under management (AUM), joining BlackRock’s IBIT and Grayscale’s GBTC. Together, BTC spot ETFs now manage over $51.3 billion in assets, representing more than 4.5% of the total Bitcoin supply.
Anticipation for Spot Ether ETFs
Meanwhile, there is growing anticipation in the market for the launch of Ethereum (ETH) Spot ETFs. Analysts expect the SEC to possibly approve these ETFs within July, predicting strong inflows similar to those seen with BTC spot ETFs, though adjusted for the differing market dynamics between Bitcoin and Ethereum.
“Following the success of BTC Spot ETFs, strong inflows are expected for ETH Spot ETFs, adjusted for the market cap difference between BTC and ETH,” Greco wrote. “Despite differing market conditions, ETH Spot ETFs may also see outflows from Grayscale Ethereum Trust, similar to what happened with GBTC. This comparable scenario will provide more reliable insights to analyze the impact of ETH Spot ETFs launch.”
Record Inflows into Digital Asset Investment Products
As reported, digital asset investment products saw inflows totaling $1.44 billion last week, pushing year-to-date inflows to a staggering $17.8 billion, far exceeding the $10.6 billion recorded in all of 2021. Bitcoin attracted the fifth-largest weekly inflows on record, totaling $1.35 billion. Conversely, short-Bitcoin products experienced the largest weekly outflow since April, amounting to $8.6 million.
The ongoing success of spot Bitcoin ETFs and the anticipated launch of Ethereum Spot ETFs underscore the growing integration of cryptocurrencies into traditional financial markets and the sustained investor appetite for digital assets.
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