The spot Bitcoin exchange-traded funds (ETFs) in the US have surged past $62 million in net inflow on Monday. This remarkable upswing is attributed to growing investor enthusiasm, eclipsing even the highs observed before the bitcoin halving week. FBTC led the pack with a $34.83 million net inflow, while ARK 21Shares Bitcoin ETF, iShares Bitcoin Trust, ProShares Bitcoin ETF, VanEck Bitcoin Trust, and Galaxy Digital Bitcoin Fund also witnessed significant inflows.
Surge in Spot Bitcoin Exchange-Traded Funds (ETFs) Overtakes $62 Million
The spot Bitcoin exchange-traded fund (ETF) landscape in the United States has witnessed an unprecedented surge in inflows, with the net inflow on Monday alone eclipsing $62 million. This remarkable upswing is attributed to heightened investor enthusiasm, surpassing even the highs observed during the pre-Bitcoin halving week.
Among the standout performers on Monday was FBTC, which registered a net inflow of $34.83 million. The ARK 21Shares Bitcoin ETF and the iShares Bitcoin Trust also exhibited robust performance. These inflows were complemented by an increase in the total net asset value of the ProShares Bitcoin ETF, VanEck Bitcoin Trust, and Galaxy Digital Bitcoin Fund, reflecting the buoyant investor sentiment.
However, not all spot Bitcoin ETFs experienced a positive trend. The Grayscale Bitcoin Trust reported the largest net outflow for the day, amounting to approximately $35 million. This divergence highlights the selective nature of investor preferences within the Bitcoin ETF market.
Despite the varied daily performance, Bitcoin ETFs have cumulatively garnered a net inflow exceeding $12.38 billion since their inception, underscoring their growing popularity among investors. The substantial trading volumes of these ETFs further demonstrate investor conviction, with volumes consistently surpassing the billion-dollar mark.
As digital currencies continue to gain acceptance in mainstream finance, the popularity of ETFs is anticipated to escalate, reinforcing the increasing significance of decentralized finance in the global investment landscape.
Notably, IBIT, a prominent spot Bitcoin ETF player, experienced a significant increase in its market share, reaching almost 54% over the past week. This surge is supported by the underlying value of Bitcoin, which currently stands at just above $66,200.
In related cryptocurrency news, the cryptocurrency exchange Bitget has forged a partnership with Foresight Ventures. Additionally, Pac Finance has reported over $26 million in "unnecessary liquidations." The decentralized exchange, Runes DEX, has secured a $2 million seed investment to develop its Bitcoin Automated Market Maker (AMM). Meanwhile, the outflows from GBTC have exceeded the inflows of other spot Bitcoin ETFs for three consecutive days.
