In the last 48 hours, Bitcoin Exchange-Traded Funds (ETFs) have seen an influx of $1.4 billion and have experienced positive net flows for 17 consecutive days. Fidelity has surpassed BlackRock in the past day, bringing in $220 million.
Despite the significant ETF activity, Bitcoin’s price has shown minimal movement, increasing by less than 1% to hover just above $71,000 while the rest of the market remains relatively stable.
After a period of decline that raised concerns about diminishing interest, spot Bitcoin ETFs are back on the rise, acquiring thousands of BTC. Despite accumulating over $1.4 billion in net flows over the past two days, the asset’s price has remained largely unaffected.
On June 4, Bitcoin ETFs attracted $886 million, marking the second-highest daily inflow in their history and indicating a growing interest in cryptocurrency within institutional investing. This amount was a 700% increase from the previous day. The following day, the momentum continued with $488.1 million flowing into the ETFs, equivalent to 6,855 BTC.
While BlackRock’s IBIT ETF has been a front-runner, Fidelity has taken the lead in the recent resurgence. On June 4, Fidelity brought in $378 million compared to BlackRock’s $274 million. The trend continued on the next day with Fidelity adding $220 million against BlackRock’s $155 million. Among the smaller ETFs, Ark’s performance stood out with $71.4 million in inflows.
Grayscale, which had been experiencing outflows, has shown signs of stabilization. In the last 12 days, outflows occurred only on five days, with the asset recording $14.6 million in inflows on the most recent day, down from $28 million earlier in the week. However, when outflows did happen, they were substantial, with investors withdrawing $124.3 million, $31.1 million, and $105.2 million consecutively.
Despite the decline in Google search interest for ‘Bitcoin ETF,’ with a score of 1 on Google Trends compared to ‘Bitcoin’s’ score of 31, ETF inflows have continued to rise. Interestingly, the search interest for ‘onchain’ has hit a new record at 100, suggesting a growing curiosity in blockchain applications beyond speculative trading.
Currently trading at $71,134, Bitcoin has not capitalized on the increased interest in its ETFs. Following a brief attempt to break past $71,700 on Wednesday, the price has remained relatively steady, in line with the overall market trend of consolidation in recent weeks.