As a seasoned crypto investor with a keen interest in Bitcoin ETFs, I’m thrilled to see the recent surge in net inflows into these funds. The $886.6 million joint net inflow day for U.S.-based spot Bitcoin ETFs, as reported by Farside Investors, is a clear indication of growing institutional interest in Bitcoin.
As a crypto investor, I’m excited to share that U.S.-based Bitcoin spot exchange-traded funds (ETFs) have seen their second-best day ever in terms of combined net inflows. Preliminary data reveals an impressive inflow of approximately $886.6 million.
Based on information from Farside Investors, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw the largest investment inflow at $378.7 million, while Blackrock’s Bitcoin ETF (IBIT) attracted $274.4 million in new funds.
As an analyst, I can tell you that among all the ETFs under my observation, the ARK 21Shares Bitcoin ETF (ARKB) stood out as the third-best performer last week with an impressive net inflow of $138.7 million.
Bitcoin ETF Flow (US$ million) – 2024-06-04TOTAL NET FLOW: 886.6(Provisional data)IBIT: 274.4FBTC: 378.7BITB: 61ARKB: 138.7BTCO: 0EZBC: 0BRRR: 1.6HODL: 4BTCW: 0GBTC: 28.2DEFI: 0For all the data & disclaimers visit:— Farside Investors (@FarsideUK) June 5, 2024
The latest figures from the other side reveal that the Grayscale Bitcoin Trust (GBTC) received approximately $28.2 million in new investments, marking an unusual influx. This is the seventh occasion since GBTC’s transition into a spot Bitcoin Exchange-Traded Fund (ETF) in January.
The Grayscale Bitcoin Trust (GBTC) has experienced a significant withdrawal of over $17.8 billion in total, primarily due to its higher management fee of 1.5%. This is in contrast to the BlackRock fund’s lower fee of 0.25%, and even more affordable fees for rivals after considering any fee waivers they may offer.
There was no interest in the Bitcoin ETFs offered by Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex during June 4th, as indicated by zero inflows reported by each fund issuer.
On June 4, 2023, there was a significant increase in investments for the ten Bitcoin ETFs collectively, with a total net inflow amounting to their highest since March 12, when they received over $1.05 billion.
Nate Geraci, president of ETF Store, countered criticisms about the lack of interest in Bitcoin ETFs on platform X. He refuted arguments suggesting low demand for these investment vehicles.
“Months ago, I was informed that all ‘degen retail’ investors who wished to purchase were already done so, leaving no one else. I find this hard to believe.”
During the same period, Eric Balchunas, an analyst at Bloomberg ETF, drew attention on X to the substantial inflows experienced by Bitcoin ETFs, except for those managed by Hashdex.
Fidelity is being very active today, with over $1 billion transacted for The Ten, marking one of our best days since mid-March. Over the past four weeks, we have seen a massive inflow of $3.3 billion, bringing our year-to-date net total to an impressive $15 billion – surpassing our 12-month estimate. This “third wave” is quickly escalating into a tidal wave.
— Eric Balchunas (@EricBalchunas) June 5, 2024
HashdexC’s Bitcoin ETF, known as DEFI, debuted later than its competitors and has faced challenges in drawing significant investments.
Previously, on May 3rd, US-listed Bitcoin ETFs experienced 15 consecutive days of net inflows. This trend, coupled with a rise in Bitcoin’s price, enabled BlackRock’s iShares Bitcoin Fund (IBIT) to manage over $20 billion in assets for the first time.
Remember, It took the best ETF 3 years to reach $20 billion.#Bitcoin ETF did it in 137 days 🤯
— Vivek⚡️ (@Vivek4real_) June 3, 2024
Based on Balchunas’ findings, ETFs saw around $2.4 billion in fresh investments during the last month. This represents the third largest amount of new funds in the entire ETF market.
As a crypto investor, I’ve learned that not every high-risk investment in the market will bounce back easily after a few steep declines. In fact, it’s quite rare for such investments to demonstrate resilience and rebound with renewed interest. This ability to weather selloffs and maintain staying power is a valuable trait that sets successful crypto investors apart from the rest.
After the initial fervor surrounding the debut of spot ETFs, investments decreased noticeably in April, with some days experiencing outflows, a situation that seasoned experts predicted would occur.
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2024-06-05 13:46