As a researcher with a background in digital assets and exchange-traded funds (ETFs), I find the recent surge in inflows into U.S. spot Bitcoin ETFs truly intriguing. The data presented shows that on June 4, these funds recorded their highest net inflows since March 12, reaching a total of $886.6 million. Fidelity’s FBTC ETF led the charge with an impressive $378 million in inflows.
On June 4th, there was a net investment of $886.6 million into US-listed Bitcoin exchange-traded funds (ETFs).
As a crypto investor, I’ve noticed that we’ve experienced the greatest inflow of funds into these digital asset investment vehicles since March 12, when a record-breaking $1.04 billion was added. Remarkably, the price of bitcoin peaked at an all-time high of $73,679 just a day after on March 13.
Fidelity Leads with $378M Inflows
Based on Farside Investors’ figures, Fidelity’s FBTC Exchange-Traded Fund (ETF) saw the largest inflow with approximately $378 million. BlackRock’s IBIT ETF came in second place with around $274 million, and ARK 21Shares Bitcoin ETF (ARKB) ranked third with about $138.7 million in new investments.
Since its transition from a closed-end fund to a spot ETF in January, Grayscale’s GBTC has seen relatively few instances of inflows. However, it managed to attract $28 million in new investments last week, marking only the seventh occasion of positive inflows.
As a crypto investor, I’ve noticed that Grayscale Bitcoin Trust (GBTC) has experienced significant outflows, totaling over $17.8 billion. The primary reasons for this exodus include the high management fees of 1.5%, which have become less attractive as market conditions changed, and the narrowed discount between GBTC’s price and the underlying Bitcoin value. Consequently, many holders have chosen to exit the fund.
As a researcher studying the Bitcoin Exchange-Traded Fund (ETF) market, I’ve observed that on June 4th, there were no inflows for Bitcoin ETFs issued by Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex.
Bitcoin Reclaims $70,000
In the United States, demand for Bitcoin exchange-traded funds (ETFs) on the stock market caused Bitcoin to break through the $70,000 barrier. Based on CoinGecko’s current data, Bitcoin is now being traded at roughly $71,000, representing a 3.1% price rise over the past day.
As an analyst at Bloomberg, I’ve been closely monitoring the ETF market and have noticed significant activity from Fidelity in recent weeks. With a cumulative flow of $3.3 billion over the past four weeks, their net inflows for the year-to-date now stand at an impressive $15 billion. This proactive approach from Fidelity is noteworthy and suggests that the ‘third wave’ of momentum in this sector is transitioning into a powerful and formidable tidal wave.
Today, The Ten experienced significant inflows totaling close to a billion dollars, marking one of our best days since mid-March. Over the past four weeks, we’ve seen an impressive $3.3 billion flow in. With this, our net year-to-date value has reached an astounding $15 billion – surpassing our 12-month estimate from earlier. The ‘third wave’ is now turning into a full-blown tidal wave.
— Eric Balchunas (@EricBalchunas) June 5, 2024
Nate Geraci, President of the ETF Store, expressed shock over the almost $900 million in new investments just five months after launch. Previously, he had been informed that most retail investors who were interested had already made their purchases and the market was tapped out. However, this apparent influx of funds leaves him questioning, “How can this be?”
As a researcher studying the Bitcoin Exchange-Traded Fund (ETF) market, I’m excited to share that we’ve reached a significant milestone. On May 24th, the total bitcoin held by all spot Bitcoin ETFs surpassed one million BTC for the first time. A majority of this Bitcoin is allocated to U.S.-based products, which account for 32 out of the 32 globally available ETFs.
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2024-06-05 11:40