Highlights:
- US spot Bitcoin ETFs saw their second-highest daily net inflows on June 4, totaling $886.6 million.
- Fidelity’s FBTC contributed $379 million, and BlackRock’s IBIT added $274 million to the inflows.
- Bitcoin is up 3% to $70,896, driven by ETF inflows.
The United States spot Bitcoin (BTC) exchange-traded funds (ETFs) have witnessed their second-highest daily net inflows since their listing, amassing $886.6 million on June 4. The highest daily net inflows record for spot Bitcoin funds occurred on March 12, when the funds saw inflows of $1.04 billion. A day later, on March 13, Bitcoin reached an all-time high of $73,679.
Breaking: Bitcoin spot ETFs had a total net inflow of $887 million on June 4, the second highest single-day net inflow in history. Grayscale ETF GBTC had a inflow of $28.1957 million, Fidelity ETF FBTC had a inflow of $379 million, and BlackRock ETF IBIT had a inflow of $274… pic.twitter.com/rH6EwiGZ4a
— Wu Blockchain (@WuBlockchain) June 5, 2024
Leading Spot Bitcoin ETFs
According to early data from Farside Investors, the Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the largest inflow at $378.7 million, while BlackRock’s iShares Bitcoin Trust (IBIT) was second with $274.4 million.
The ARK 21Shares Bitcoin ETF (ARKB) also performed well, recording over $138 million in net inflows. Bitwise’s BITB recorded $61 million worth of inflows. Valkyrie and VanEck’s ETFs also made single-digit net inflows. However, The Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex experienced no demand, as each issuer recorded no flows.
The approval of spot BTC ETFs in the US on January 11, 2024, has sparked significant interest among investors. Since their launch, ETFs have seen a total net inflow of $14.84 billion. BlackRock and Fidelity have shown impressive performance in the Bitcoin ETF arena, setting them apart from other big financial players. According to Bloomberg ETF analyst Eric Balchunas, FBTC and IBIT accounted for 26% and 56% of year-to-date inflows for BlackRock and Fidelity, respectively.
To those asking, $IBIT is 26% of BlackRock's flows and 56% of Fidelity's flows, so yes, def having impact on leaderboard.
— Eric Balchunas (@EricBalchunas) June 3, 2024
Grayscale’s GBTC Sees Third-largest Net Inflow
Meanwhile, Grayscale’s GBTC drew in $28.2 million, which is its third-largest net inflow since its conversion. GBTC has seen over $17.8 billion in net outflows, attributed to its high % management fee of 1.5%. Its narrowed discount urged many holders to leave the fund.
Grayscale’s BTC fund initially held 620,000 BTC when the spot Bitcoin ETFs launched. However, this has now fallen to 285,481 BTC, worth $20.2 billion, according to the Apollo Bitcoin Tracker. On May 28, BlackRock’s IBIT briefly surpassed Grayscale’ s GBTC to become the largest BTC ETF.
Reactions to Bitcoin ETFs Performance
ETF Store president Nate Geraci responded to Bitcoin critics on X, refuting their claims that Bitcoin ETFs would see little demand. He said, “I was told several months ago that all of the ‘degen retail’ investors who wanted to buy had already done so [and] there was nobody left,” Geraci wrote. “How can this be?”
Nearly $900mil into spot bitcoin ETFs today…
That’s right. Close to $1bil inflows in a single day.
Five months after launch.
I was told several months ago that all of the “degen retail” investors who wanted to buy had already done so & there was nobody left.
How can this be?
— Nate Geraci (@NateGeraci) June 5, 2024
Balchunas wrote on X that it was “big-time flows all around today for The Ten.” However, Hashdex’s ETF, which entered the market months after the others, has struggled to attract inflows.
Fidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total. Second best day ever, since Mid-March. $3.3b in past 4wks, net YTD at $15b (which was top end of our 12mo est). The 'third wave' is turning into tidal wave. https://t.co/S9yeSHaNbV
— Eric Balchunas (@EricBalchunas) June 5, 2024
Bitcoin Jumps Above $70k Amid Inflows In Spot ETFs
Bitcoin’s price briefly touched above $71,000, fueled by strong inflows into spot Bitcoin ETFs and weak US economic data hinting at possible Federal Reserve rate cuts. Analysts believe new highs could be reached this week if these trends persist. At the time of writing, Bitcoin is trading at $70,896, marking a 3% increase in the past 24 hours.
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