By
Godfrey Benjamin
July 4th, 2024
Asset issuers globally generated around $2 billion of inflows in crypto-related investment products in May.
On June 3, 2024, spot Bitcoin exchange-traded funds (ETFs) in the United States recorded a daily inflow of $105 million, with Fidelity’s FBTC leading the way.
Despite a broader market downturn affecting Bitcoin (BTC), which dropped from an all-time high of $73,000 to $69,000 at press time, these ETFs have enjoyed a remarkable run over the past few weeks. This positive streak on Monday has now extended to 15 consecutive days.
The impressive inflows demonstrate a robust demand for Bitcoin spot ETFs among investors. These products, which track the value of BTC directly, offer a convenient way for investors to gain exposure to the crypto asset without the need to manage it themselves.
Mixed Performance among Top ETFs
According to data from SoSoValue, the 11 Bitcoin ETFs approved for trading in the United States have collectively attracted net inflows of $13.96 billion as of June 3.
In the past 24 hours alone, these ETFs saw over $105 million in new investments, with majority of the funds coming from Fidelity Investments’ FBTC.
Fidelity’s FBTC led the way with approximately $77 million in inflows in a single day. This was followed by Bitwise’s BITB, which saw around $14 million in net inflows on Monday.
During the same period, Ark Invest and 21Shares’ ARKB attracted $11 million in new investments. Similarly, VanEck and WisdomTree’s spot ETFs reported minimal inflows, each bringing in less than $2 million.
BlackRock and Grayscale ETF Recorded Zero Inflows
Interestingly, the two largest spot Bitcoin ETFs from BlackRock and Grayscale did not see any inflows on Monday. Both investment products had seen massive inflows in previous cycles.
Last week, BlackRock’s iShares Bitcoin Trust (IBIT) became the world’s largest crypto ETF when it hit nearly $20 billion in total assets since the product’s launch in January 2024.
According to Bloomberg data, the fund held about $19.68 billion worth of BTC on May 25, 2024, surpassing that of Grayscale Bitcoin Trust (GBTC) which recorded $19.65 billion.
Global Crypto ETF Saw $2 Billion in Inflow in May
Meanwhile, according to a new report from CoinShares, asset issuers globally generated around $2 billion of inflows in crypto-related investment products in May.
These include those from the United States, Europe and the Hong Kong market. Recall that the Securities and Futures Commission of Hong Kong approved both Bitcoin and Ethereum ETFs which started trading on April 30, 2024.
Other jurisdictions outside of these regions have also opened their doors for crypto ETFs. Countries like Australia will start trading the first Bitcoin ETFs which directly track the value of the crypto asset today.
One of the nation’s largest asset managers Monochrome announced Monday that it will list the products on Cboe Australia for trading at the opening of the market on Tuesday.
Thai SEC Approves First Bitcoin ETF
Additionally, Thailand has become the latest to welcome crypto ETFs in its financial market. The country’s Securities and Exchange Commission (SEC) recently approved the first-ever Bitcoin ETF application submitted by One Asset Management (ONEAM).
The fund, when launched, will provide opportunities for institutional investors in the region to access the crypto market. The ETF will prioritize secure storage through investments in leading global Bitcoin funds.