U.S.-based spot Bitcoin exchange-traded funds (ETFs) witnessed a surge in investor interest on June 4th, recording their second-highest net inflow day ever at a staggering $886.6 million, according to preliminary data from Farside Investors. This follows a period of steady inflows, with the previous high of $1.04 billion reached in March 2024.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the pack, attracting $378.7 million, followed closely by BlackRock’s iShares Bitcoin Trust (IBIT) at $274.4 million. The ARK 21Shares(BTC) ETF (ARKB) secured the third spot with $138.7 million in net inflows. This enthusiasm mirrors the positive sentiment seen in March, where a record Bitcoin price followed a significant inflow day.
Grayscale Trust Sees Rare Inflow
The Grayscale Bitcoin Trust (GBTC), which recently converted to a spot ETF, also experienced a rare inflow day, accumulating $28.2 million. This comes after a period of substantial net outflows exceeding $17.8 billion, likely due to its 1.5% management fee and narrowing discount.
Critics Silenced by Strong Demand
Industry experts who predicted a lack of demand for Bitcoin ETFs are facing a reality check. ETF Store president Nate Geraci pointed out the significant inflows, highlighting the ongoing interest from investors. Bloomberg ETF analyst Eric Balchunas echoed this sentiment, terming the inflows for major Bitcoin ETFs as “big-time flows.”
Also Read: Bitcoin ETFs Erupt: Over $880 Million Inflows in Second-Biggest Day Ever
Not All ETFs See Equal Success
While the major players like Fidelity, BlackRock, and ARK saw strong inflows, some issuers including Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex haven’t captured investor attention yet. Hashdex, a late entrant to the market, is yet to see significant inflows for its (BTC) ETF.
Bitcoin Price on the Rise
Coinciding with the surge in ETF inflows, Bitcoin itself has seen a positive price movement, rallying 2.9% to reach $71,000 over the past 24 hours. This positive trend suggests a potential correlation between investor interest in Bitcoin ETFs and the overall price of the cryptocurrency.
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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