Spot bitcoin exchange-traded funds (ETFs) have attracted consistent investor interest, recording daily inflows for five consecutive days, including a substantial $129.5 million on Monday. This marks the highest single-day influx since June 12, contributing to a total of $270 million over the five-day period, as per data from U.K.-based asset manager Farside Investments.
These inflows, although modest compared to the billions amassed since the funds’ approval in January, occur amidst slowing inflation and bitcoin‘s price stabilization following a late June decline. The Fidelity Wise Origin Bitcoin Fund (FBTC) spearheaded Monday’s inflows with $65 million, closely followed by the Bitwise Bitcoin ETF (BITB), which drew over $41 million.
This surge in investment reverses the trend from late June, which saw outflows exceeding $1.3 million. Bloomberg ETF Analyst James Seyffart noted on X, “US #Bitcoin ETF flows have mostly stagnated. Not seeing tons of inflows, not seeing tons of outflows.” Despite this, total inflows remain robust at $14.7 billion for the 11 funds launched earlier this year, though Seyffart pointed out a decline in daily trading volume, which hasn’t reached $3 billion since mid-May.
Interestingly, the BlackRock Bitcoin Trust (IBIT), a leading player in spot ETF inflows over the past six months, reported zero inflows on Monday and has accumulated a modest $124 million since June 10, coinciding with a significant drop in bitcoin’s price. Similarly, the Grayscale Bitcoin Trust (GBTC), now vying with IBIT for the highest assets, also experienced no inflows.
Bitcoin’s price recently hovered near $62,000 after dipping below $59,000 last month, according to crypto market data from CoinMarketCap.
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