U.S. spot Bitcoin exchange-traded funds (ETFs) extended their positive streak to three days on Thursday, attracting a net inflow of $11.8 million. This marks a continuation of investor interest in Bitcoin-linked securities, but the pace of inflows has dipped compared to earlier in the week, with Tuesday seeing net inflows of $31 million.
Bitwise Asset Management’s BITB led the pack on Thursday, pulling in $8 million. Fidelity’s FBTC followed closely with nearly $7 million in net inflows, according to data from SosoValue. Notably, Franklin Templeton’s spot Bitcoin ETF recorded its highest daily inflow since mid-May, bringing in $3.6 million. Invesco and Galaxy Digital’s BTCO and Ark Invest and 21Shares’ ARKB also saw inflows, albeit smaller at $3 million and $1.84 million respectively.
Grayscale’s GBTC was the only Bitcoin ETF experiencing net outflows on Thursday, amounting to $11.5 million. Interestingly, BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, reported zero net flows for the fifth consecutive day, despite having a significant trading volume of $520 million. Several other Bitcoin ETFs from VanEck, Valkyrie, WisdomTree, and Hashdex also saw no net flows for the day.
VanEck made a surprise move in the market on Thursday, filing an application for a spot Solana ETF. This news caused the price of Solana tokens to jump by around 10%.
Also Read: 1 Million Strong and Growing: Bitcoin “Wholecoiners” Surge Despite Price Fluctuations
Trading volume for the 11 Bitcoin ETFs on Thursday was approximately $920 million, considerably lower than their peak of over $10 billion reached in March. Despite the slowdown in daily inflows, these ETFs have cumulatively attracted a net inflow of $14.45 billion since their launch in January.
Bitcoin’s price itself saw a modest increase of 1% in the past 24 hours, reaching $61,677 at the time of writing (according to The Block’s Bitcoin price page).
This trend of continued inflows, albeit at a slower pace, suggests sustained investor interest in Bitcoin through ETFs. While the overall trading volume has decreased, the cumulative net inflows highlight the potential of these investment vehicles in the growing cryptocurrency market.
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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