Are Bitcoin ETFs Making a Comeback?

Net inflows of $418 million flowed into US spot Bitcoin (BTC) exchange-traded funds (ETFs) on March 26th after five days of consecutive net outflows. Led by significant inflows into BlackRock's and Fidelity's funds, all ten approved spot Bitcoin ETFs witnessed this positive turn. Despite Grayscale's Bitcoin Trust (GBTC) continuing to experience outflows, the total inflows surpassed these outflows, indicating renewed investor interest in spot Bitcoin ETFs.

Are Bitcoin ETFs Back in Vogue?

Fresh cash is pouring into U.S. spot Bitcoin exchange-traded funds (ETFs) after a five-day slump of net outflows.

Led by robust inflows into BlackRock's and Fidelity's funds, the ten recently approved spot Bitcoin ETFs collectively garnered $418 million on March 26th, according to Farside Investors data.

Fidelity's Fund Soars

Fidelity's fund experienced its highest single-day inflow since March 13th, raking in $279.1 million on March 26th. The investment behemoth purchased 4,000 additional BTC. This marked the fund's second consecutive day of inflows exceeding $260 million.

BlackRock Chipping In

BlackRock's fund also attracted inflows of $162.2 million, although its daily inflows remain modest compared to earlier this month, when they averaged over $300 million per day.

Other Contenders

Ark 21Shares Bitcoin ETF fund had its banner day since March 12th, amassing $73.6 million in inflows, while Invesco Galaxy, Franklin Templeton, and Valkyrie all saw inflows of over $26 million across their respective funds.

Grayscale's Exodus Continues

Meanwhile, Grayscale's Bitcoin Trust (GBTC) continued to hemorrhage, posting a daily outflow of $212 million. However, it was not substantial enough to offset the net inflows of its rivals.

ETF Giants Emerge

In a March 26th post on X, Bloomberg senior ETF analyst Eric Balchunas highlighted the presence of Bitcoin ETFs among the largest 30 asset funds in their initial 50 days of trading.

Four Bitcoin ETFs made the cut, with BlackRock's IBIT and Fidelity's FBTC "in a class of their own," he noted.

Balchunas also observed that even the Bitwise Bitcoin ETF (BITB), currently the 18th largest Bitcoin ETF in terms of assets under management, is larger than the world's largest SPDR Gold Shares (GLD) fund.

Newcomer Joins the Fray

Crypto asset management firm Hashdex joined the ranks of spot Bitcoin ETF issuers in the United States on March 26th. The company converted its futures fund to a spot product, which now trades under the ticker DEFI.