Bitcoin ETFs Record Shockingly High Inflows

On Tuesday, spot-based exchange-traded funds (ETFs) netted a staggering $887 million worth of net inflows. This marks their second-biggest single-day haul since the start of their trading in January. 

Fidelity’s Wise Origin Bitcoin Fund (FBTC) was in the lead with a whopping $379 million worth of inflows. 

“Fidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total,” Eric Balchunas, a top ETF analyst, said on the X social media platform. 

BlackRock’s iShares Bitcoin Trust attracted $274 million worth of inflows. The ARK 21Shares Bitcoin ETF (ARKB) has logged a not-so-modest $139 million worth of inflows. 

The Bitwise Bitcoin ETF (BITB) and the Grayscale Bitcoin Trust (GBTC) come in fourth and fifth places with $61 million and $28 million, respectively. 

US-based spot Bitcoin ETFs have now recorded 16 days of uninterrupted inflows. 

Balchunas recently noted that Bitcoin ETFs had shown great staying power after a streak of outflows in April. According to the analyst, the third wave of inflows is now turning into “a tidal wave.”

ETF analyst James Seyffart has stressed that it is normal for these ETFs to have inflows and outflows.

“It’s just part of how ETFs operate. They have inflows and outflows. It’s normal and standard procedure. Theres not much you can guarantee but I can guarantee we will have bouts of outflows for these ETFs as a group over time. Like we saw most recently in April,” he said. 

The flagship cryptocurrency is currently trading at $71,170 after surging roughly 3% over the past 24 hours. For now, the cryptocurrency continues its streak of range-bound trading. Galaxy Digital CEO Mike Novogratz recently opined that Bitcoin would need to break above the much-coveted $73,000 level to potentially touch $100,000 by the end of the year.

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Alex Dovbnya