Bitcoin Spot ETFs Witness Massive Inflows of $418 Million, Fidelity Dominates

Yesterday, Bitcoin spot exchange-traded funds (ETFs) in the US experienced a significant influx of $418 million, marking the largest net inflow in two weeks and reversing a five-day net outflow streak.

Bitcoin Spot ETFs Surge with $418 Million Inflows, Fidelity Leads the Pack

Bitcoin spot exchange-traded funds (ETFs) in the United States have witnessed a triumphant return of inflows, with a staggering $418 million pouring into the innovative investment vehicles yesterday. This colossal surge marks the highest net inflow in the past two weeks, following yesterday's noteworthy $15.7 million net inflow that halted a five-day streak of net outflows.

According to data compiled by So So Value, the cumulative total net inflow now stands at an impressive $11.7 billion. Fidelity's spot bitcoin ETF (FBTC) emerged as the day's undisputed champion, attracting nearly $280 million in net inflows.

BlackRock iShares Bitcoin ETF (IBIT) also made its presence felt, garnering a net inflow of $162 million. While it secured second place behind Fidelity's rival product, the inflow significantly surpassed that of its competitors.

Ark Invest and 21 Shares ARKB also celebrated a notable milestone, securing a net inflow of $73.60 million, their best performance in two weeks.

In stark contrast, Grayscale's GBTC continued to experience fund outflows, with a net outflow of $212 million recorded yesterday. The total withdrawals from GBTC have now surpassed an astonishing $14.3 billion.

As funds exodus from GBTC, its discount to net asset value (NAV) has witnessed a steady decline and is rapidly approaching 0%. According to data from The Block, the metric currently stands at -1.55%, significantly closer to parity than the -8% it commenced the year with.

The recently launched spot bitcoin ETFs in the United States have emerged as a resounding success. Bloomberg's senior ETF analyst, Eric Balchunas, notes that four Bitcoin ETFs have ranked among the top performers in their first 50 days on the market, with "IBIT and FBTC in a league of their own."

As of this writing, the price of bitcoin hovers just below $70,000, reflecting a 2% decline over the past 24 hours, as indicated by price data from The Block.

Disclaimer:

The Block is an impartial media organization committed to providing comprehensive news, research, and data. Foresight Ventures has been a majority investor in The Block since November 2023. While Foresight Ventures invests in various crypto-related ventures, The Block maintains its editorial independence and strives to deliver objective and impactful insights into the crypto industry. This article is for informational purposes only and does not constitute legal, tax, investment, financial, or other professional advice.