In the last 48 hours, Bitcoin ETFs have seen a significant increase in inflows, totaling $1.4 billion, marking 17 consecutive days of positive net flows. Fidelity has taken the lead over BlackRock in the past day, with an inflow of $220 million.
Despite this surge in ETF activity, Bitcoin’s price has remained relatively stagnant, showing less than a 1% increase in the past day, hovering just above $71,000 as the overall market has been trading sideways.
After a period of low activity that raised concerns about waning interest, spot Bitcoin ETFs have regained momentum, acquiring a substantial amount of BTC. In the last two days alone, these ETFs have amassed over $1.4 billion in net flows, yet this influx has had minimal impact on the price of Bitcoin.
On June 4, Bitcoin ETFs attracted $886 million, marking the second-highest single-day inflow in their history, indicating a growing appetite for crypto assets in the institutional investment sphere. This surge represented a 700% increase from the previous day. The following day, June 5, saw a continuation of this trend, with ETFs bringing in $488.1 million, equivalent to 6,855 BTC.
While BlackRock’s IBIT ETF has been leading the charge, it has been Fidelity that has spearheaded the recent resurgence. On June 4, Fidelity brought in $378 million compared to BlackRock’s $274 million. The momentum continued the next day, with Fidelity contributing $220 million to BlackRock’s $155 million. Among the smaller ETFs, Ark’s performance stood out with $71.4 million in inflows.
In a notable development, Grayscale has stabilized its asset outflows. Over the past 12 days, outflows occurred on only five days, indicating a newfound balance for the once-dominant ETF. Yesterday, it received $14.6 million in inflows, a decrease from the $28 million recorded on Tuesday.
However, when outflows do occur for Grayscale, they are substantial. The latest three outflows saw investors withdraw $124.3 million, $31.1 million, and $105.2 million.
With BlackRock consistently attracting funds and Grayscale experiencing outflows, IBIT has surpassed GBTC to become the largest Bitcoin ETF, as reported by Crypto News Flash. Currently, BlackRock manages $20.146 billion in assets, slightly surpassing Grayscale’s $20.122 billion.
Despite a decline in Google search interest, Bitcoin ETFs have seen a surge in inflows. ‘Bitcoin ETF’ has a low score of 1 on Google Trends for global searches, while ‘Bitcoin’ has a score of 31. Interestingly, global searches for ‘onchain’ recently hit a record high of 100, indicating a growing interest in blockchain applications beyond speculative investments.
As of now, Bitcoin is trading at $71,134 and has not capitalized on the renewed interest in ETFs. Following a brief rise to $71,700 on Wednesday, the cryptocurrency has been trading sideways. This trend aligns with the broader crypto market, which has been in a consolidation phase for several weeks.