In the last couple of days, Bitcoin ETFs have seen a surge in inflows totaling $1.4 billion, marking 17 consecutive days of positive net flows. Fidelity has outperformed BlackRock with a $220 million lead in the latest day.
Despite the strong ETF activity, Bitcoin itself has shown minimal movement, gaining less than 1% in the past 24 hours to hover just above $71,000 as the overall market remains stable.
After a brief lull that raised concerns about diminishing interest, spot Bitcoin ETFs are making a comeback, acquiring large amounts of BTC. In the last two days, these ETFs have accumulated over $1.4 billion in net flows, yet the price of Bitcoin remains largely unaffected.
On June 4, Bitcoin ETFs attracted $886 million, the second-highest single-day inflow in their history, indicating a growing appetite for the cryptocurrency among institutional investors. This marked a 700% increase from the previous day. The momentum continued on June 5, with ETFs adding $488.1 million worth of assets, equivalent to 6,855 BTC.
While BlackRock’s IBIT ETF has been leading the charge, Fidelity has emerged as the top performer in the recent resurgence. On June 4, Fidelity brought in $378 million compared to BlackRock’s $274 million. The following day, Fidelity maintained its momentum with $220 million inflow, surpassing BlackRock’s $155 million. Among the smaller ETFs, Ark’s performance stood out with $71.4 million in inflows.
Notably, Grayscale has halted the outflow of its assets, showing signs of stability after experiencing losses on only five out of the past 12 days. Yesterday, it recorded $14.6 million in inflows, a decrease from the $28 million inflow reported on Tuesday. However, when outflows occurred, they were substantial, with withdrawals of $124.3 million, $31.1 million, and $105.2 million in the last three instances.
With BlackRock attracting consistent funds and Grayscale losing investments, IBIT has surpassed GBTC to become the largest Bitcoin ETF, as reported by Crypto News Flash. At present, BlackRock manages $20.146 billion in assets, slightly more than Grayscale’s $20.122 billion.
Despite a decline in search interest on Google, the influx of ETF investments continues. ‘Bitcoin ETF’ has a low score of 1 on Google Trends for global searches, while ‘Bitcoin’ receives a score of 31. Interestingly, the global search interest in ‘onchain’ recently reached a new high of 100, indicating a growing curiosity about blockchain applications beyond speculative trading, such as tokenization.
Bitcoin is currently trading at $71,134 and has not capitalized on the renewed interest in ETFs. Following a brief attempt to break past $71,700 on Wednesday, the cryptocurrency has remained in a consolidation phase, mirroring the market trend of other digital assets in recent weeks.
