Spot Bitcoin ETFs Inflows Regain Momentum 📈
Spot Bitcoin ETFs in the US are showing signs of recovery as they collectively received $21.52 million in inflows on June 26th, continuing the positive trend that started earlier in the week.
BlackRock’s iShares Bitcoin Trust Stalls 📉
BlackRock’s iShares Bitcoin Trust (IBIT) did not report any new investments for the past four days, indicating a slowdown in activity. However, this is not the first time the fund has experienced such a streak, with a similar pattern observed back in April when there were five consecutive days without any inflows.
Minor Inflows Reflect Downtrend 📉
- BlackRock’s activity has been on a downtrend, with only two minor inflows since June 14, both below $2 million.
- Zero flows in an ETF signal a balance between supply and demand, halting the creation or redemption of shares, as explained by Bloomberg ETF analyst James Seyffart.
Similar Fate for Other ETFs 🔄
- Other spot Bitcoin ETFs like BITB by Bitwise, BTCO by Invesco and Galaxy Digital, and BRRR by Valkyrie also experienced zero flows on the same day.
Largest Inflows from Fidelity’s FBTC 💰
- Fidelity’s FBTC witnessed the highest net inflows of $19 million on the same day, marking a significant turnaround. The fund had seen continuous outflows for seven days before this sudden surge.
- The spot Bitcoin ETFs collectively ended the negative streak on June 26, with FBTC leading the way.
Grayscale’s GBTC Sees Positive Flows 💸
- Grayscale’s GBTC, which had not seen positive flows since June 5, attracted over $4 million in inflows recently, indicating a change in the trend.
Net Inflows Since Introduction 📊
- Since their launch in January, these spot Bitcoin ETFs have accumulated $14.44 billion in net inflows, showcasing continued interest in the market.
Hot Take: Will the Momentum Continue? 🚀
The recent resurgence in spot Bitcoin ETF inflows is a positive sign for the market, indicating renewed interest from investors. While some funds like BlackRock’s IBIT are experiencing a slowdown, others like Fidelity’s FBTC are leading the way with significant net inflows. It remains to be seen if this momentum will sustain and drive further investments in the coming days. Keep a close eye on the ETF market for potential shifts and opportunities in the crypto space.
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