Spot Bitcoin ETF Inflows Continue with $11.80M Despite Slowing Momentum in the US
- The U.S. spot Bitcoin ETFs saw a net inflow of $11.80 million on Thursday, extending the positive streak to three consecutive days.
- Despite ongoing inflows into spot BTC ETFs, momentum has slowed since Tuesday’s net inflows of $31 million.
- According to data from SosoValue, Bitwise’s BITB led the charge with an $8 million inflow yesterday, followed by Fidelity’s FBTC which reported nearly $7 million in net inflows.
Recent uptick in U.S. spot BTC ETF inflows suggests sustained investor interest amid market fluctuations.
ETF Inflows Show Positive Momentum for BTC Market
Invesco and Galaxy Digital’s BTCO saw a net inflow of $3 million, while Ark Invest and 21Shares’ ARKB reached $1.84 million on Thursday. However, Grayscale’s GBTC experience a net outflow of $11.5 million, being the only ETF to see withdrawals. Notably, BlackRock’s IBIT, the largest spot BTC ETF by net asset value, recorded its fifth consecutive day of zero flow despite trading $520 million on Thursday.
BlackRock’s IBIT and Institutional Investor Sentiment
Other funds, including VanEck, Valkyrie, WisdomTree, and Hashdex, reported zero flow for the day. VanEck surprised the cryptocurrency market by filing for a spot Solana ETF on Thursday, leading to a nearly 10% increase in the token’s price. The daily trading volume of 11 bitcoin funds was around $920 million, substantially lower than March’s peak of $10 billion. Since their inception in January, ETFs have achieved a cumulative net inflow of $14.45 billion.
Conclusion
While recent developments in spot Bitcoin ETFs have been favorable, they have had little impact on market prices. The leading cryptocurrency has fluctuated between $61,000 and $62,000 without making a decisive upward break. Investors continue to exhibit interest, yet the anticipated market rally remains elusive.
Please note, this article does not constitute investment advice. Every trading and investment decision carries risks, and readers should conduct their research before making any decisions.
