In a notable trend, U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have recorded their ninth consecutive day of net inflows, attracting a substantial $107.91 million on Thursday. This marks the longest streak of positive flows in spot bitcoin ETFs since mid-March when the funds experienced ten straight days of inflows.
Leading the charge, BlackRock’s IBIT attracted a significant $89 million. Fidelity’s FBTC followed, drawing in $19 million. VanEck’s spot bitcoin fund also reported net inflows, securing $10 million. Other funds saw modest gains, with Ark Invest and 21Shares’ bitcoin fund and Invesco and Galaxy Digital’s ETF both logging daily net inflows of $2 million each, according to data from SoSoValue.
However, not all funds are shared in the positive momentum. Grayscale’s recently converted GBTC reported a net outflow of $14 million, indicating some investor retreat. Additionally, funds from Bitwise, Valkyrie, Franklin Templeton, WisdomTree, and Hashdex reported zero flows on Thursday, showing a varied response among investors.
Bitcoin ETF Inflows Surge Past $13.43B
Since their January listing, the 11 spot BTC ETFs have collectively seen total net inflows exceeding $13.43 billion. Despite this impressive figure, overall flows for these ETFs remain significantly lower than their peak in March.
The bitcoin market itself faced a downturn, with the price falling 2.61% in the past 24 hours to $67,642, as reported by Market Cap. This decline underscores the volatile nature of cryptocurrency investments, even as institutional interest in bitcoin ETFs grows.
In a related development, the U.S. Securities and Exchange Commission (SEC) announced after Thursday’s market close that it had approved 19b-4 forms for eight spot Ethereum ETFs from major players, including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton. These ether ETFs will still require the SEC’s approval of their S-1 registration statements before trading can commence.
As the cryptocurrency market evolves, these developments highlight both the growing institutional interest in digital assets and the inherent volatility that accompanies such investments. The continued inflows into bitcoin ETFs reflect a cautious optimism among investors, even amidst fluctuating market conditions.