Coinspeaker
US Bitcoin ETFs Experience A Streak of Five Consecutive Days of Inflows, with BlackRock Leading at $184 Million
The current scenario surrounding US spot Bitcoin exchange-traded funds (ETFs) exemplifies the saying, ‘tough times don’t last.’ This comes after the spot Bitcoin
BTC
$63,834
24h volatility:
0.1%
Market cap:
$1.26 T
Vol. 24h:
$25.04 B
ETFs recorded another day of cumulative inflow on Wednesday, marking five consecutive days of inflows.
According to data from Farside Investors, the funds attracted an impressive $106 million on that day, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the charge.
Source: Farside Investors
As illustrated in the image above, the IBIT fund observed net inflows exceeding $184 million for the day, indicating a clear investor preference for BlackRock’s offering.
Overall, considering the robust momentum being demonstrated, it is fair to assert that investor confidence in Bitcoin ETFs has significantly increased recently, despite the prevailing market instabilities and regulatory challenges.
BlackRock Leads, Other Bitcoin ETFs Show Varied Performance
It is undeniable that BlackRock currently dominates this space. While its IBIT fund continues to see significant activity and benefits from rising investor interest, the same cannot be said for other Bitcoin ETFs.
For example, on Wednesday, Bitwise’s Bitcoin ETF (BITB) garnered just over $2 million in new investments, a stark contrast to IBIT’s substantial inflows. Nevertheless, despite BITB’s smaller success compared to BlackRock’s IBIT, it still outperformed most other funds.
Fidelity’s Bitcoin Fund (FBTC) and ARK Invest/21Shares’s Bitcoin ETF (ARKB) are among the other funds that experienced considerable outflows on that day. Fidelity saw $33 million in withdrawals, while ARK Invest/21Shares faced an even larger outflow of around $47 million.
Other Bitcoin ETFs listed in the US witnessed zero net flows on Wednesday, with Grayscale Bitcoin Trust (GBTC) being the most notable among them.
GBTC was once a leader in the ETF market but has struggled to maintain its position. Since transitioning from a trust to an ETF, it has seen over $20 billion withdrawn by investors.
On a more encouraging note, however, the significant outflows from GBTC that were observed earlier have started to decelerate in recent weeks.
In summary, it seems that investors are beginning to reassess their choices, which explains the differing outcomes among the funds. While BlackRock’s IBIT continues to accrue the majority of new investments, other ETFs are finding it challenging to keep pace in a market increasingly favoring larger, more established funds.
In total, US spot Bitcoin ETFs saw $246 million in net inflows this week. Thus, it can be said that interest in digital asset investments remains strong despite recent market fluctuations.
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US Bitcoin ETFs Experience A Streak of Five Consecutive Days of Inflows, with BlackRock Leading at $184 Million
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