US-Based Bitcoin ETFs Record $31 Million Inflows, Reversing Outflow Trend
Summary:
In a shift from the recent week of outflows, US-based spot Bitcoin ETFs recorded net inflows of $31 million on June 25. This counters seven consecutive days of outflows totaling $1.1 billion. Key players witnessing inflows include the Fidelity Wise Origin Bitcoin Fund, the Bitwise Bitcoin ETF, and the VanEck Bitcoin Trust ETF. On the other side, outflows were seen from the Grayscale Bitcoin Trust and the ARK 21Shares Bitcoin ETF. Meanwhile, the expected launch of spot Ether ETFs is unfolding, with the U.S. Securities and Exchange Commission's (SEC) 'soft approval' prompting firms to finalize their registrations.
Spot Bitcoin exchange-traded funds (ETFs) based in the United States witnessed a positive turnaround with net inflows of $31 million on June 25, following a week characterized by net outflows. This marks a departure from the previous stream of seven straight trading days where total outflows from these ETFs amounted to $1.1 billion, based upon data from SoSo Value. The primary contributors to this inflow trend were the Fidelity Wise Origin Bitcoin Fund (FBTC) recording $49 million in net inflows, Bitwise Bitcoin ETF (BITB) reporting $15 million, and the VanEck Bitcoin Trust ETF (HODL) bringing in $4 million. In contrast, the Grayscale Bitcoin Trust (GBTC) and the ARK 21Shares Bitcoin ETF experienced net outflows of $30.3 million and $6 million respectively. Worth noting, the biggest fund by assets under management, BlackRock’s iShares Bitcoin Trust ETF (IBIT), recorded zero inflows on this day, mirroring the situation with Invesco Galaxy, Valkyrie, and Franklin Templeton's ETFs. The 11 Bitcoin funds launched in January have recorded net inflows standing at $14.42 billion up until June 25. The U.S.-based Bitcoin ETFs have recently seen their highest outflows since April's net outflows of over $1.2 billion marked between April 24 and early May. Looking to the future, the green light given by the U.S. Securities and Exchange Commission (SEC) in May for launching spot Ether (ETH) ETFs has led firms to continue fine-tuning their registrations prior to launch. Just last week, investment manager VanEck filed its form 8-A for its spot ETH ETF with the SEC, signifying another step toward live trading. This update has caused Eric Balchunas, senior ETF analyst at Bloomberg, to project that spot Ether ETFs might be tradeable as soon as July 2. Over this period, Bitcoin's price has seen a slight increase, rising from $61,359 on June 25 to $61,732 at the time of reporting, per TradingView data.
Published At
6/26/2024 11:18:25 AM
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