The U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) witnessed an influx of $131 million on June 7, marking 19 consecutive days of positive inflows. 

This occurred even as the ARK 21Shares Bitcoin ETF (ARKB) saw net outflows totaling 1,364 valued at about $96.84 million, leaving its total holdings at 48,939 BTC, or $3.47 billion.

According to Lookonchain, a notable 3,689 BTC, equivalent to $261.91 million, was added across nine different ETFs on June 7.

The influx was primarily driven by BlackRock, which added 4,896 BTC worth $347.61 million to its holdings, bringing its total to an impressive 302,540 BTC valued at $21.48 billion.

Jun 7 Update:9 ETFs added 3,689 $BTC(+$261.91M).#Blackrock added 4,896 $BTC(+$347.61M) and currently holds 302,540 $BTC($21.48B).#ARK21Shares decreased 1,364 $BTC(-$96.84M) and currently holds 48,939 $BTC($3.47B).https://t.co/leDHqnSRqk pic.twitter.com/HL5mtmXOYm

— Lookonchain (@lookonchain) June 7, 2024

These inflows are indicative of strong investor confidence, particularly in BlackRock’s and Fidelity’s products, which overshadowed the outflow from ARK 21Shares. Valkyrie Bitcoin Fund (BRRR) remained neutral on July 7, while Franklin Bitcoin ETF (EZBC) also recorded zero net flows.

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Over the course of seven days, BlackRock enjoyed the best performance of all Bitcoin ETFs, registering a net inflow of 13,482 BTC in the period.

Fidelity Wise Origin Bitcoin Fund (FBTC) came in second. It managed to pull in 9,729 BTC with a market value of more than $671 million.

In third place was ARKB. Despite yesterday’s decrease, it still managed a seven-day net inflow of 1,764 BTC worth an estimated $121 million.

Other ETFs, including VanEck Bitcoin Trust ETF (HODL) and Valkyrie Bitcoin Fund, contributed smaller amounts, with weekly net inflows of $7.7 million and $1.5 million, respectively.

Following the week’s action:

  • BlackRock remains the largest BTC ETF with over $21 billion worth of Bitcoins.

  • Grayscale follows with 285,651 BTC valued at about 19.7 billion

  • Fidelity’s Bitcoin holdings are worth nearly $12 billion.

Since the introduction of Bitcoin ETFs in the U.S. in January, these funds’ total BTC holdings now exceed 880,000 BTC, worth upwards of $62 billion.

Despite these ETF inflows, Bitcoin’s price has been relatively stable, fluctuating between $68,856 and $69,544 over the past day, per data from CoinGecko.

Bitcoin 24-hour price chart | Source: CoinGecko

As can be seen in the chart above, BTC has seen a minor decline of 0.9% in the past 24 hours, trading at $69,465, with a market cap of $1.36 trillion. Its market dominance is roughly 51.1%.

Bitcoin’s slight price decline was accompanied by a more significant dip in its daily trading volume, which dropped by 34.81% to reach $20.9 billion. 

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