Thomas Daniels
U.S. spot Bitcoin (BTC) ETFs have experienced a notable recovery, with four consecutive days of net inflows totaling $137.2 million.
This rebound commenced on June 25, following a challenging period marked by consistent net outflows across nearly all funds. According to Farside Investors, spot Bitcoin ETFs in the U.S. recorded $31 million in net inflows on that day. Leading the resurgence was Fidelity’s FBTC, which garnered $48.8 million in inflows, followed by the Bitwise Bitcoin ETF (BITB) with $15.2 million, and the VanEck Bitcoin Trust (HODL) with $3.5 million in net inflows.
Most funds remained stable, with the exception of Grayscale’s GBTC, which encountered significant net outflows of $30.3 million. However, by June 26, GBTC registered its first positive inflow since June 5, contributing to a collective net inflow of $21.4 million across all ETFs. Fidelity and VanEck continued to perform well, bringing in $18.6 million and $3.4 million respectively. On the contrary, ARK Invest and 21Shares’ ARKB was the worst performer, suffering nearly $5 million in net outflows.
On June 27, net inflows decreased to approximately $11.8 million, spread across five funds. Bitwise led with $8 million in inflows, while Fidelity recorded $6.7 million. Invesco Galaxy’s BTCO fund saw a positive inflow of $3.1 million after two days of zero net flows. The Franklin Bitcoin ETF (EZBC) similarly rebounded with $3.6 million after two stagnant days. Conversely, GBTC reverted to net outflows, losing about $11.4 million worth of Bitcoins.
June 28 saw a substantial total inflow of $73 million into Bitcoin spot ETFs. Despite Grayscale’s GBTC facing further outflows of $27.2 million, BlackRock’s IBIT achieved a remarkable one-day inflow of $82.4 million. ARKB also recorded strong performance with $42.8 million in inflows. Despite these movements, the rest of the funds saw no net flows, although the daily trading volume was substantial at $1.31 billion, as reported by SoSoValue.
Since their launch in January 2024, the 11 spot Bitcoin ETFs have amassed a total net inflow of over $14.5 billion, significantly driving Bitcoin’s unprecedented growth this year.
However, the week of positive inflows coincided with a more than 5% decline in Bitcoin’s price, potentially influenced by the anticipated repayments to Mt. Gox creditors, which might increase market selling pressure.
At the time of writing, BTC was priced at $60,862.07 with a market capitalization of $1,200,201,471,649, according to CoinGecko. This price reflects a 1.2% decrease over the past 24 hours, underperforming the global crypto market, which was down 3.6%.
