U.S. Bitcoin ETFs See Positive Shift with Four Consecutive Days of Inflows
In a surprising turn of events, U.S. spot Bitcoin (BTC) ETFs have experienced a positive shift, with four consecutive days of net inflows totaling $137.2 million. This turnaround began on June 25 after a tough week of consistent net outflows across nearly all funds.
On June 25, spot Bitcoin ETFs in the U.S. saw $31 million in net inflows, with Fidelity’s FBTC leading the way with $48.8 million in inflows. The Bitwise Bitcoin ETF (BITB) followed with $15.2 million, and the VanEck Bitcoin Trust (HODL) reported $3.5 million in net inflows. However, Grayscale’s GBTC faced significant outflows of $30.3 million.
The positive trend continued on June 26, with a net inflow of $21.4 million across all funds. Fidelity and VanEck once again saw gains, while ARK Invest and 21Shares’ ARKB experienced net outflows.
On June 27, the net inflows were lower at $11.8 million, with Bitwise leading the way with $8 million in inflows. Invesco Galaxy’s BTCO and Franklin Bitcoin ETF (EZBC) also saw positive inflows, while GBTC faced more outflows.
By June 28, Bitcoin spot ETFs had a total inflow of $73 million, with GBTC experiencing more outflows. BlackRock’s IBIT and ARKB had a good day, recording significant inflows.
Since their launch in January 2024, the 11 spot Bitcoin ETFs have attracted over $14.5 billion in net inflows. This surge in ETF investments has been a major driver of Bitcoin’s record-breaking growth this year.
However, despite the positive flows, Bitcoin’s price dipped by more than 5% in the same week, possibly influenced by upcoming repayments to Mt. Gox creditors. At the time of writing, BTC was priced at $60,862.07 with a market capitalization of $1,200,201,471,649, underperforming the global crypto market.
The positive shift in Bitcoin ETF flows is a promising sign for investors, indicating renewed interest in the cryptocurrency despite recent market fluctuations.