Bitcoin
Spot Bitcoin ETFs Rebound, $137.2 Million in Inflows Surge in Four Days
Bitcoin spot in the US (BTC) ETFs registered a positive change, recording four consecutive days of net inflows worth $137.2 million.
The recovery began on June 25th after a difficult week of consistent net profit exits in almost all funds.
Bitcoin Spot ETF Flows June 25-28 | Source: Farside Investors
That day, for data from Farside Investors, U.S. Bitcoin spot ETFs saw $31 million in net inflows, with Fidelity’s FBTC leading the charge with $48.8 million in inflows, followed by the Bitwise Bitcoin ETF (BITB) with $15 .2 million. The VanEck Bitcoin Trust (HODL) also reported $3.5 million in net inflows.
The rest of the funds remained largely neutral, except for Grayscale’s GBTC, which faced significant net outflows of $30.3 million. However, on June 26, GBTC recorded its first positive inflow since June 5, as the ETFs collectively recorded a net inflow of $21.4 million.
Again, Fidelity and VanEck made gains, respectively, bringing in $18.6 million and $3.4 million in BTC. 21Shares’ ARK Invest and ARKB were the worst-performing funds on June 26, recording nearly $5 million in net outflows.
On June 27, net inflows were much lower than the previous two days, with spot Bitcoin ETFs taking in around $11.8. The activity was distributed among five funds, with Bit by bit responsible for the largest inflow of US$8 million. Fidelity also had another positive day, recording $6.7 million in net inflows.
Invesco Galaxy’s BTCO fund also saw a positive inflow of $3.1 million after two consecutive days of zero net inflows. The same was replicated in the Franklin Bitcoin ETF (EZBC), which saw $3.6 million coming in after two days of no net inflows. GBTC, however, fell back to net outflows, losing around $11.4 million worth of Bitcoin.
On June 28, Bitcoin spot ETFs saw a total inflow of $73 million. Grayscale’s GBTC saw more outflows of about $27.2 million, while BlackRock’s IBIT had a one-day inflow of $82.4 million. ARKB also had a good day, recording inflows of $42.8 million. The remainder of the funds saw no net inflows despite a substantial daily trading volume of $1.31 billion, according to SoSoValue.
Bitcoin Spot ETF Flow Activity Summary | Source: SoSoValue
To date, the 11 spot Bitcoin ETFs have attracted a total net inflow of over $14.5 billion since their launch in January 2024. This increase ETF Investments have been one of the main drivers of Bitcoin’s record growth this year.
However, in the week that the positive flows occurred, the price of the cryptocurrency fell by more than 5%, possibly influenced by the upcoming refunds to Mt. Gox’s creditors, which could add selling pressure to the market.
At the time of writing, BTC was trading at $60,862.07 and had a market cap of $1,200,201,471,649, according to CoinGecko. The price represented a 1.2% drop in the last 24 hours, meaning it underperformed the overall cryptocurrency market, which also fell 3.6%.