Spot Bitcoin ETFs are gaining substantial traction, witnessing a net fund inflow of $33.1 million on the sixth day of trading.
Key Takeaways
- Spot Bitcoin ETFs attract a noteworthy net fund inflow of $33.1 million on the sixth day of trading.
- Fidelity’s FBTC leads with an inflow of $222.3 million, followed by BlackRock’s IBIT with $201.5 million.
- Grayscale’s GBTC experiences substantial outflows, losing over $590 million in assets on the same day.
- Nine spot Bitcoin ETFs, excluding GBTC, accumulate $79,618 Bitcoin, valued at over $3.2 billion since launch.
Strong Investor Interest in Spot Bitcoin ETFs
Spot Bitcoin ETFs are making a significant impact, drawing considerable investor interest as reflected in a net fund inflow of $33.1 million on the sixth day of trading. Data compiled by BitMEX Research indicates that Fidelity’s Wise Origin Bitcoin Trust (FBTC) took the lead with an inflow of $222.3 million, closely followed by BlackRock’s iShares Bitcoin Trust (IBIT) ETF, which attracted investments worth $201.5 million.
Inflows and Outflows: A Closer Look
Investors also allocated significant amounts to other spot Bitcoin ETFs, including $63.4 million into Invesco Galaxy Bitcoin ETF (BTCO), $62.6 million into Ark 21Shares Bitcoin ETF (ARKB), $56.7 million into Bitwise Bitcoin ETF (BITB), $14.2 million into VanEck Bitcoin Trust (HODL), and $2.9 million into WisdomTree Bitcoin Fund (BTCW).
However, Grayscale’s Bitcoin Trust (GBTC) stood in stark contrast, experiencing notable outflows of more than $590 million in assets on the same day. This trend is attributed, in part, to Grayscale’s higher fee structure compared to its competitors and investors capitalizing on the fund’s discount to net asset value.
Read More: Bitcoin May Drop to $32,000 After Spot ETF Approval
To Conclude
The rising popularity of spot Bitcoin ETFs is evident as they attract substantial net fund inflows, with Fidelity’s FBTC leading the way. Simultaneously, Grayscale’s GBTC experiences significant outflows. The cumulative acquisition of Bitcoin by nine spot Bitcoin ETFs, excluding GBTC, signals growing institutional interest.
As these ETFs become some of the most-traded in the US, the broader impact on the crypto market is anticipated to be transformative, potentially boosting retail investment in Bitcoin.
