Spot #Bitcoin ETFs in the United States continued strong inflows as the Bitcoin (BTC) price recently surpassed $71,000. Total Bitcoin ETF inflows on Wednesday were close to $500 million, with Fidelity's FBTC dominating the market once again.

Bitcoin ETF'ler

While BlackRock has always dominated inflows into spot Bitcoin ETFs until the current position, Fiedlity's FBTC has taken the lead recently. On Wednesday, June 5, Fidelity Bitcoin ETF FBTC witnessed inflows of $220 million, with two-day inflows reaching nearly $600 million. With this, total assets under FBTC's management exceeded $9.5 billion.

Fidelity remains BlackRock's closest rival when it comes to assets under management for spot Bitcoin ETFs. Despite current inflows, BlackRock's IBIT is still twice the size of Fidelity FBTC. On June 5, Bitcoin spot ETFs experienced a significant net inflow of $488 million, marking their 17th consecutive day of positive inflows. A day ago, this figure was 887 million dollars.

ETF Comment from the Expert

On Wednesday, Grayscale's ETF GBTC reported single-day inflows of $14.58 million. Fidelity's ETF FBTC attracted $221 million and BlackRock's ETF IBIT attracted $155 million. Total net inflows into Bitcoin spot ETFs have now reached an impressive $15.338 billion. Total BTC purchases by spot Bitcoin ETFs were 27 times the number of Bitcoins mined daily. Here's what Franklin Templeton CEO said about the growing adoption of Bitcoin ETFs:

This is really the first wave of early adopters. The next wave is much larger institutions.

CEO Jenny Johnson emphasized that the current bullish trend still underestimates the potential inflow of larger institutional investors into the Bitcoin ETF market. Moreover, Franlink Bitcoin ETF has more than $420 million in AUM at current position and is small in size compared to other major players.