In the last two days, Bitcoin ETFs have seen a massive $1.4 billion inflow and have maintained positive net flows for 17 consecutive days. Fidelity has surpassed BlackRock in the past day, bringing in $220 million.
Despite the significant ETF flows, Bitcoin’s price has shown minimal movement, gaining less than 1% in the past day to hover above $71,000 as the overall market remains mostly stagnant.
After a period of uncertainty in recent weeks, spot Bitcoin ETFs have regained momentum and are acquiring thousands of BTC. In the last two days alone, these ETFs have accumulated over $1.4 billion in net flows, yet this has had little impact on the asset’s price.
On June 4, Bitcoin ETFs attracted $886 million, marking the second-highest single-day inflow in history and indicating a growing interest in crypto among institutional investors. This was a staggering 700% increase from the previous day. The following day, on June 5, the ETFs continued their upward trend, accumulating $488.1 million worth of assets, equivalent to 6,855 BTC.
While BlackRock’s IBIT ETF has been performing well, it is Fidelity that has led the recent resurgence. On June 4, Fidelity brought in $378 million compared to BlackRock’s $274 million. The next day, it continued its strong performance with $220 million compared to BlackRock’s $155 million. Among the smaller ETFs, Ark’s performance was notable with $71.4 million in inflows.
In a significant development, Grayscale has halted the outflow of its assets. Over the past 12 days, there have been outflows on only five days, suggesting some stability for the once-largest ETF. Yesterday, it recorded $14.6 million in inflows, down from the $28 million on Tuesday.
However, when outflows occur for Grayscale, they are substantial. The last three outflows saw investors withdraw $124.3 million, $31.1 million, and $105.2 million.
With BlackRock consistently attracting funds and Grayscale losing investments, IBIT has recently surpassed GBTC to become the largest Bitcoin ETF, as reported by Crypto News Flash. Currently, BlackRock manages $20.146 billion in assets, slightly more than Grayscale’s $20.122 billion.
Despite a decline in Google search interest, Bitcoin ETF inflows have surged. ‘Bitcoin ETF’ has a low score of 1 on Google Trends for global searches, while ‘Bitcoin’ has a score of 31. Interestingly, the search for ‘onchain’ hit a new high at 100, indicating a growing interest in blockchain technology beyond just speculation and exploring applications like tokenization.
Bitcoin is currently trading at $71,134 and has not capitalized on the renewed interest in ETFs. After reaching $70,000 on Tuesday, the top cryptocurrency has remained stable, attempting to break past $71,700 on Wednesday but facing resistance. This price movement aligns with the broader crypto market, which has been consolidating for weeks.