Spot Bitcoin ETFs see $300 million in inflows as BTC price approaches $65,000
2 min readBitcoin exchange-traded funds (ETFs) recorded inflows of $301 million on Monday as the leading cryptocurrency maintains its uptrend.
According to SoSoValue , BlackRock’s IBIT, the largest by net assets, led the pack with $117.25 million in net inflows, closely followed by Ark Invest and 21Shares’ ARKB with $117.19 million.
Fidelity’s FBTC recorded net inflows of $36.15 million, while Bitwise’s BITB brought in $15.24 million.
ETFs from VanEck, Invesco, Galaxy Digital and Franklin Templeton also recorded positive net inflows.
However, Grayscale’s GBTC and the ETFs of Valkyrie, WisdomTree and Hashdex saw no net inflows on the day.
Spot Bitcoin ETFs recorded a trading volume of $2.26 billion.
Overall, trading volume for U.S. bitcoin spot funds reached $2.26 billion on Monday, although it is below March peaks that often exceeded $8 billion per day.
Since their launch in January, these ETFs have collectively amassed $16.11 billion in net inflows, underscoring growing investor interest in Bitcoin amid its price recovery.
Speaking of price, Bitcoin has risen above $64,000 and is currently trading at $63,400.
Matteo Greco, research analyst at Fineqia International, noted that the past week was particularly bullish for Bitcoin.
The cryptocurrency ended the week at around $60,800, up 8.8% from the previous week’s close.
This increase was supported by continuous daily net inflows into BTC spot ETFs, which totaled more than $1 billion this week, with $310 million in inflows recorded on Friday alone.
Greco highlighted that Fidelity’s FBTC has reached more than $10 billion in assets under management (AUM), joining BlackRock’s IBIT and Grayscale’s GBTC in reaching this milestone.
In total, BTC Spot ETFs now manage over $51.3 billion in assets, representing more than 4.5% of the total Bitcoin supply.
Despite the strong inflows, trading volume remained slightly below the launch average at $6.9 billion this week, but recorded an increase compared to recent weeks.
Spot Ether ETFs could be on the horizon
Meanwhile, the market is expecting the imminent launch of Ethereum (ETH) spot ETFs, with expectations high that the SEC may approve them in July.
Analysts expect strong inflows into ETH spot ETFs, reflecting BTC’s success, albeit taking into account the different market dynamics of Bitcoin and Ethereum.
“Following the success of BTC spot ETFs, ETH spot ETFs are also expected to see strong inflows, adjusting for the difference in market size between BTC and ETH,” Greco wrote.
“Despite the different market conditions, ETH spot ETFs could also see outflows from the Grayscale Ethereum Trust, similar to what happened with GBTC. This comparable scenario will provide more reliable insights to analyze the impact of the launch of ETH spot ETFs.”
As reported, digital asset investment products saw total inflows of $1.44 billion last week, bringing year-to-date inflows to a staggering $17.8 billion, far surpassing 2021’s $10.6 billion.
Bitcoin price recovered to above $62,000 over the weekend amid a broader rally in the crypto market.
The leading cryptocurrency began its rally shortly after the assassination attempt on former US President and current Republican presidential candidate Donald Trump.
