According to CryptoPotato, the US spot Bitcoin exchange-traded funds (ETFs) market has seen a continuous inflow streak, last observed in February. Data from Farside Investors shows that since May 13, 2024, spot Bitcoin ETFs have been on a 13-day inflow streak. This trend reflects investors' faith in Bitcoin's potential and a steady capital inflow into the ecosystem, despite Bitcoin's failure to hit a new all-time high.
The US spot Bitcoin ETFs were launched on January 11, and two trading days post their listing, the funds collectively experienced outflows exceeding $52 million. This was due to investors transferring their assets from Grayscale's GBTC in large numbers. The nine newly launched ETFs saw significant or no inflows in the first ten days of their existence, with the outflows from GBTC surpassing their inflow streak. However, the situation changed in late January when the inflows of the new ETFs overshadowed GBTC's outflows. This trend continued until mid-February, resulting in a 17-day inflow streak that brought billions into the ETFs.
Despite the inflow streak breaking in February, the ETFs recorded more inflows than outflows until Bitcoin reached its all-time high of $73,700 in mid-March. After this, investors began to take profits, and inflows slightly decreased. April saw more outflow days than inflows for the ETFs, coinciding with a downturn in the broader crypto market as investors continued to realize their profits. This negative trend continued into May, with the first day of the month seeing all the US spot Bitcoin ETFs experiencing collective outflows exceeding $563 million.
However, since the ETF downturn on May 1, the investment vehicles saw four more days of outflows until May 13. Since then, the US spot Bitcoin ETF market has been on a 13-day inflow streak, despite occasional outflows from individual funds. For instance, Ark Invest's ARKB saw outflows of approximately $100 million, but inflows into the other funds outpaced it, netting $48.8 million. So far, May has been a positive month for the spot Bitcoin ETF market. Three days ago, BlackRock's IBIT became the world's leading ETF by assets under management, surpassing GBTC. Furthermore, the global spot Bitcoin ETF market now holds more than one million BTC.
