By
Steve Muchoki
June 28th, 2024
Although the intakes are currently happening at a much slower rate than before, these ETFs have still impressed so far.
The positive trend for US spot Bitcoin exchange-traded funds (ETFs) has continued, but something else has caught the eye of keen observers. That is, the fact that investor interest in Bitcoin (BTC) might be waning at the moment.
Despite recording net inflows for the third day in a row, the pace of these inflows has noticeably slowed down compared to earlier in the year.
Data from SoSoValue reveals that the 11 spot Bitcoin ETFs in the US collectively gained $11.80 million in net inflows on Thursday. This marked a significant decrease from Tuesday’s inflows of $31 million.
Spot Bitcoin ETFs Flows
On Thursday, Bitwise’s BITB saw the most investment, attracting $8 million in net inflows. The fund was followed closely by Fidelity’s FBTC with nearly $7 million. Notably, Franklin Templeton’s spot Bitcoin ETF saw its highest daily net inflow since mid-May at $3.6 million.
Other notable inflows came from Invesco and Galaxy Digital’s BTCO at $3 million, and Ark Invest and 21Shares’ ARKB at $1.84 million.
Unlike others, Grayscale’s GBTC was the only ETF to register net outflows on the day after seeing $11.5 million leave the fund. Interestingly, BlackRock’s IBIT, the largest spot Bitcoin ETF by asset value, remained flat for the fifth consecutive day despite seeing a massive trading volume of $520 million. The remaining ETFs from VanEck, Valkyrie, WisdomTree, and Hashdex also saw no net inflows or outflows for the day.
Meanwhile, in a surprising turn of events on the same day, VanEck filed an application for a spot Solana ETF, albeit unexpectedly. The news impacted the price of the Solana token, leading to a surge of around 10%.
The overall daily trading volume for the 11 Bitcoin ETFs on Thursday was approximately $920 million. This marked a significant drop from their March peak of over $10 billion.
Key Takeaway
Looking on the bright side, it might be worth noting that sustaining continued overall inflows is no little feat. Although the intakes are currently happening at a much slower rate than before, these ETFs have still impressed so far. They have amassed a total net inflow of $14.45 billion since launching in January.
So, since a positive trend persists, the slowdown in net inflows only suggests a shift in investor sentiment. As of publication, the BTC price was seen at around $61,677. However, it will be interesting to see if this trend continues or if investor appetite for spot Bitcoin ETFs rebounds in the coming days.