Spot Bitcoin ETF Inflows Surge with $418 Million Net Flow
Yesterday saw a substantial return of inflows to spot bitcoin exchange-traded funds in the United States, with a net inflow of $418 million into these new products. This surge in net inflows is the largest recorded in two weeks and follows a previous day’s net inflow of $15.7 million, breaking a five-day streak of net outflows. A cumulative total net inflow of $11.7 billion has been recorded, according to data from So So Value.
Primary Beneficiaries of Inflows
- Fidelity: Fidelity’s spot bitcoin ETF (FBTC) emerged as the primary beneficiary of the day, with nearly $280 million in net inflow.
- BlackRock’s iShares ETF: The iShares Bitcoin ETF (IBIT) attracted a net inflow of $162 million, coming in second place to Fidelity’s product.
- Ark Invest and 21 Shares: ARKB also experienced a successful day, bringing in a net $73.60 million.
Outflows and Discount Trends
- Grayscale’s GBTC: In contrast, Grayscale’s GBTC continued to see funds flowing out of the product, with a net outflow of $212 million recorded. Overall, more than $14.3 billion has flowed out of GBTC.
- Discount to NAV: Despite outflows from GBTC, its discount to Net Asset Value (NAV) has been decreasing daily and is now approaching 0%. The metric currently sits at -1.55%, much closer to parity compared to the -8% it started the year at.
Success of New U.S. Spot Bitcoin ETFs
The introduction of new spot bitcoin ETFs in the United States has been largely successful. Bloomberg Senior ETF Analyst Eric Balchunas noted that four bitcoin ETFs among the best products ever in their first 50 days on the market, with IBIT and FBTC leading the pack.
Current Bitcoin Price and Performance
The bitcoin price is currently trading just below $70,000, showing a 2% decrease over the past 24 hours, as per The Block’s price data.
Hot Take on Spot Bitcoin ETF Inflows Surge
With a significant surge in inflows to spot bitcoin exchange-traded funds in the United States, investors are witnessing a resurgence of interest in these new products. The substantial net inflow of $418 million, the largest in two weeks, underscores the growing popularity and success of these ETFs in the market. As competition heats up among providers, with Fidelity leading the charge, it will be interesting to see how this trend continues to evolve in the coming days and weeks.
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