The U.S.-based spot Bitcoin exchange-traded funds (ETFs) have experienced their second-best-ever joint net inflow day, with preliminary data indicating an inflow of $886.6 million.
According to data from Farside Investors, the Fidelity Wise Origin Bitcoin Fund (FBTC) led with an inflow of $378.7 million, followed by Blackrock’s Bitcoin ETF (IBIT) with $274.4 million.
ARK 21Shares Bitcoin ETF (ARKB) was the third-best performer, bringing in $138.7 million in net inflows.
Bitcoin ETF Flow (US$ 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:https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) June 5, 2024
Farside data further indicated that the Grayscale Bitcoin Trust (GBTC) experienced a rare inflow day, netting $28.2 million. It marks the seventh inflow day for GBTC since its conversion from a closed-end fund to a spot ETF in January.
GBTC has faced over $17.8 billion in net outflows, which is attributed to its high management fee of 1.5% compared with 0.25% for the BlackRock fund and even lower, including fee waivers, at rivals.
The Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex did not see any demand, with each issuer recording no flows for June 4.
Overall, for the ten Bitcoin ETF issuers, Tuesday, June 4, marked the highest net inflow to these funds since March 12, when they recorded over $1.05 billion in total net inflows.
ETF Store president Nate Geraci responded to Bitcoin critics on X, addressing claims that the Bitcoin ETFs would see minimal demand.
“I was told several months ago that all of the ‘degen retail’ investors who wanted to buy had already done so [and] there was nobody left,” Geraci wrote. “How can this be?”
Meanwhile, Bloomberg ETF analyst Eric Balchunas also took to X to note that it was “big-time flows all around today for The Ten” — referring to the Bitcoin ETFs excluding Hashdex’s.
Fidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total. Second best day ever, since Mid-March. $3.3b in past 4wks, net YTD at $15b (which was top end of our 12mo est). The 'third wave' is turning into tidal wave. https://t.co/S9yeSHaNbV
— Eric Balchunas (@EricBalchunas) June 5, 2024
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Hashdex’s Bitcoin ETF (DEFI) entered the market months after the other issuers and has struggled to attract inflows.
Earlier, on May 3, the U.S.-based spot Bitcoin ETFs marked 15 consecutive sessions of net inflows. The surge, combined with a rally in Bitcoin’s price, helped BlackRock’s iShares Bitcoin Fund (IBIT) surpass $20 billion in assets under management for the first time.
Remember, It took the best ETF 3 years to reach $20 billion.#Bitcoin ETF did it in 137 days 🤯 pic.twitter.com/P7Or0GFMuU
— Vivek⚡️ (@Vivek4real_) June 3, 2024
According to Balchunas, the ETFs attracted approximately $2.4 billion in new money over the past month. That would be the third-largest net inflow across the entire ETF market.
“The ability to bounce back with renewed interest after a couple of nasty selloffs is rare for hot sauce-type strategies,” Balchunas said on X. “[It] shows staying power.”
Following the initial excitement over the launch of spot ETFs, inflows slowed significantly in April and even turned negative for several days, a phenomenon experts said was quite normal.
Read more: Australia’s first spot Bitcoin ETF to go live on Tuesday
