U.S. spot bitcoin exchange-traded funds (ETFs) are showing a strong appetite for the leading cryptocurrency, recording their 15th consecutive day of net inflows on Thursday. This sustained buying spree has injected over $2.28 billion into these funds since the streak began, pushing the year-to-date total net inflows to an impressive $13.96 billion.
Fidelity’s FBTC ETF emerged as the top gainer on Thursday, attracting a hefty $77 million in inflows. Bitwise’s BITB and Ark Invest/21Shares’ ARKB also saw significant inflows of $14 million and $11 million, respectively. Interestingly, the two largest players in the space, BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (GBTC), did not register any inflows on the same day. VanEck and WisdomTree’s spot bitcoin ETFs also saw minimal inflows of under $2 million.
This surge in investor interest in U.S. spot bitcoin ETFs comes amidst a broader trend of positive sentiment in the cryptocurrency market. According to CoinShares’ latest report, global crypto investment products witnessed inflows exceeding $2 billion last month, pushing year-to-date net inflows past the $15 billion mark.
While these inflows are substantial, it’s important to note that the daily trading volume in U.S. spot bitcoin ETFs remains significantly lower compared to their peak in March, as indicated by data from The Block. However, the current 15-day streak is the second-longest period of positive inflows since these ETFs launched, falling just short of the record-breaking 17 consecutive days of net inflows observed in January.
This sustained buying pressure suggests growing investor confidence in the prospects of bitcoin and the convenience offered by spot bitcoin ETFs. These investment vehicles allow investors to gain exposure to bitcoin’s price movements without the complexities of directly owning and storing the cryptocurrency. As the regulatory landscape around cryptocurrencies evolves and market volatility subsides, we may see U.S. spot bitcoin ETFs continue to attract significant inflows in the coming months.
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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