U.S. spot bitcoin(BTC) exchange-traded funds (ETFs) are experiencing a surge in investor interest, racking up their longest streak of positive inflows since their launch in January. Over the past 18 consecutive days, these funds have seen a net total inflow of $217.78 million on Thursday alone, according to data from SosoValue.
This bullish trend appears to be led by BlackRock’s iShares Bitcoin(BTC) Trust (IBIT), the industry’s current leader in net assets for spot bitcoin ETFs. IBIT raked in a significant $350 million in net inflows on Thursday, dwarfing the inflows seen by Fidelity and VanEck’s bitcoin ETFs.
However, the positive sentiment isn’t universal. Ark Invest’s ARKB fund witnessed a net outflow of $96.6 million, marking a notable investor exodus. Grayscale’s converted GBTC and Bitwise’s BITB also saw minor net outflows of $37.5 million and $3 million respectively. The remaining five spot bitcoin ETFs, including Invesco’s BTCO, remained flat with zero net flows on Thursday.
Despite these outliers, the overall trend is undeniable. Since their inception, the 11 spot bitcoin ETFs have amassed a staggering $15.56 billion in net inflows, indicating a potential shift in investor sentiment towards the cryptocurrency market. This comes after a period of stagnation observed throughout April and May, though it’s worth noting that the current inflow levels haven’t quite reached the peak seen in March [The Block].
As of this writing, Bitcoin itself is trading above the $71,000 mark, reflecting a modest 0.24% increase over the past day. The sustained inflows into spot bitcoin ETFs could be a sign of growing confidence in the cryptocurrency’s future, although it’s important to remember that past performance is not necessarily indicative of future results.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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