Spot Bitcoin ETFs Attract $423M in Net Inflows, Extending 8-Day Winning Streak

Spot Bitcoin exchange-traded funds (ETFs) in the U.S. reported $423 million in net inflows on Tuesday, marking eight consecutive days of gains.

BlackRock’s IBIT led with $260.23 million in net inflows, its highest since June 6, per SoSoValue data. This surge was matched by a robust trade volume of approximately $1.02 billion on Tuesday.

Fidelity’s FBTC followed with $61.05 million in net inflows, while Ark Invest’s ARKB and 21Shares’ ARKB reported $29.85 million and $22.04 million, respectively.

Other Funds Experience Minor Inflows

Invesco, Galaxy Digital, Bitwise, Franklin Templeton, and Valkyrie also saw net inflows into their spot Bitcoin funds. Conversely, Grayscale’s GBTC fund recorded no activity, indicating a temporary dip in investor interest.

The total trading value of U.S. spot Bitcoin funds hit $1.76 billion on Tuesday.

Since January, these ETFs have garnered a cumulative net inflow of $16.53 billion, reflecting sustained investor interest. Over the same period, Bitcoin’s price increased by 1.61%, reaching $65,865, with a brief spike above $66,000.

Matteo Greco, a Research Analyst at Fineqia International, noted the bullish trend for Bitcoin over the past week. Consistent net inflows into BTC spot ETFs exceeded $1 billion, with Friday alone accounting for $310 million.

Greco highlighted significant milestones, including Fidelity’s FBTC surpassing $10 billion in assets under management (AUM), joining BlackRock’s IBIT and Grayscale’s GBTC. Collectively, 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

The market anticipates the launch of Ethereum (ETH) Spot ETFs, with potential SEC approval expected in July. Analysts predict strong inflows into ETH Spot ETFs, similar to BTC, though adjusted for the 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. He also noted that ETH Spot ETFs might see outflows from Grayscale Ethereum Trust, akin to GBTC, providing insights into the impact of their launch.

Last week, digital asset investment products saw inflows totaling $1.44 billion, pushing year-to-date inflows to $17.8 billion, surpassing 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.