Despite this positive trend, overall flows for these ETFs remain below their March peak.
US spot Bitcoin exchange-traded funds (ETFs) have reported an inflow streak not seen since mid-March. This follows after the funds reported their sixth consecutive day of net inflows on Monday after reeling in $241.12 million on the day. Monday’s inflow meant that the funds have now enjoyed their longest streak of positive flows in over two months.
Ark Invest and 21Shares Lead the Charge as Bitcoin ETFs Experience Record Gains
SoSo Value data reveals that Ark Invest and 21Shares’ spot bitcoin ETF saw the biggest inflows, with each attracting $68 million. BlackRock’s IBIT followed closely behind registering a net inflow of $66 million. Fidelity’s FBTC ETF wasn’t far behind as it saw $64 million, while Bitwise’s spot ETF contributed an additional $28 million to the impressive total.
Notably, Grayscale’s GBTC saw its fortunes turn around after experiencing repeated net outflows for a while. It recorded $9 million in net inflows, while WisdomTree’s BTCW fund contributed a measly $5 million to the cumulative inflows.
For what it’s worth, the past week has been a record week for the funds. Over the past six days, the combined net inflows across the 11 spot bitcoin ETFs totaled an impressive $1.18 billion. This surge has brought the year-to-date cumulative total net inflows to $12.87 billion.
Despite this positive trend, overall flows for these ETFs remain below their March peak. However, if the US spot Bitcoin ETFs can hold the current momentum, they could see unprecedented growth in the latter half of the year. That is considering growing institutional interest amid the anticipation of more favorable regulatory decisions.
Potential Challenges
The recent inflows into spot Bitcoin ETFs signal a strong market sentiment shift toward digital assets. It is a clear indicator that institutional investors are increasingly viewing Bitcoin as a viable asset class.
However, some challenges remain. Market volatility, potential regulatory hurdles, and macroeconomic factors could influence future inflows. So it remains to be seen whether the funds will sustain this positive trend or surpass the peaks seen earlier. One thing is certain, though: the current trajectory looks promising not only for Bitcoin ETFs but investors alike.
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