In the last 48 hours, Bitcoin 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 latest day with $220 million in inflows.
Despite the surge in ETF activity, Bitcoin’s price has only increased by less than 1% in the past day, hovering just above $71,000 as the overall market remains stagnant.
After a period of stagnation that raised concerns about waning interest, spot Bitcoin ETFs have regained momentum, acquiring thousands of BTC. Despite accumulating over $1.4 billion in net flows in the past two days, this surge has had minimal impact on the asset’s price.
On June 4, Bitcoin ETFs attracted $886 million, the second-highest inflow in a single day, indicating a renewed appetite for crypto in the institutional investment sector. This marked a 700% increase from the previous day. The following day, ETFs continued their momentum, collecting $488.1 million, equivalent to 6,855 BTC.
Although BlackRock’s IBIT ETF has been a frontrunner, Fidelity has emerged as a prominent player in the recent resurgence. On June 4, Fidelity brought in $378 million compared to BlackRock’s $274 million, followed by another $220 million the next day, surpassing BlackRock’s $155 million. Among the smaller ETFs, Ark’s performance stood out with $71.4 million in inflows.
Interestingly, Grayscale has halted its asset outflows, showing signs of stability after experiencing withdrawals on only five out of the past 12 days. Yesterday, it saw $14.6 million in inflows, a decrease from the $28 million recorded on Tuesday.
However, when outflows occurred, they were significant. The last three outflows from Grayscale totaled $124.3 million, $31.1 million, and $105.2 million.
With BlackRock consistently attracting funds and Grayscale losing investments, IBIT has surpassed GBTC to become the largest Bitcoin ETF. Currently, BlackRock manages $20.146 billion in assets under management, slightly more than Grayscale’s $20.122 billion.
The increase in ETF inflows is noteworthy, considering a decline in Google searches for ‘Bitcoin ETF,’ which has a global search score of 1 compared to ‘Bitcoin’ with a score of 31. Surprisingly, searches for ‘onchain’ recently reached a record high of 100, indicating growing interest in blockchain applications beyond speculation and tokenization.
Bitcoin is currently trading at $71,134 and has not capitalized on the renewed interest in ETFs. Despite briefly touching $71,700 on Wednesday, the top cryptocurrency has been trading sideways since reaching $70,000 on Tuesday, mirroring the consolidation phase seen in most other cryptocurrencies in recent weeks.
