Bitcoin Spot ETFs Attract $887 Million, Second Highest Single-Day Inflow in History
Ruholamin Haqshanas reported on June 5, 2024, that Bitcoin spot exchange-traded funds (ETFs) in the United States saw the second-highest daily net inflow since their listing, pulling in a significant $886.75 million on June 4. The record for the highest daily net inflows from spot Bitcoin funds was on March 12, with inflows reaching $1.05 billion.
The top contributors to the substantial net inflows on Tuesday were Fidelity’s FBTC with $379 million and BlackRock’s IBIT with $274 million, according to data from SoSoValue. The total net inflows for spot bitcoin ETFs now stand at $14.85 billion.
All the funds involved saw inflows, with ARK Invest and 21Shares’ ARKB receiving $139 million, Bitwise’s BITB recording $61 million in inflows, and Grayscale’s GBTC attracting $28 million, marking its third largest net inflow since its conversion. VanEck and Valkyrie’s ETFs also saw single-digit net inflows.
With the inflows on Tuesday, the 11 spot bitcoin ETFs extended their streak of consecutive net inflows to 16 days, just one day behind the longest positive flow streak recorded from January to mid-February. Since their introduction, spot Bitcoin ETFs have accumulated a total net inflow of $14.57 billion.
Although the total volume of flows in U.S. spot Bitcoin ETFs is currently lower than the peak observed in March, Bitcoin’s value briefly crossed the $71,000 mark late Tuesday night, trading at around $70,800 at the time of publication. Analysts from Bitfinex suggest that this correction phase seems to be coming to an end.
Long-term holders selling off their Bitcoin holdings played a significant role in the correction from all-time highs. However, blockchain data shows that these holders have started accumulating Bitcoin again for the first time since December 2023.
In the meantime, the United States is preparing for the launch of spot Ethereum ETFs, as major issuers have recently submitted amended registration statements to the Securities and Exchange Commission. Analysts at K33 Research estimate that spot Ether funds could attract net inflows ranging from $3.1 billion to $4.8 billion over the first five months of trading.
Thailand has also made a significant move in the cryptocurrency market, with One Asset Management (ONEAM) becoming the first company to launch an ETF in the country offering exposure to cryptocurrencies. The Thai Securities and Exchange Commission (SEC) has approved ONEAM’s Bitcoin ETF, called the One Bitcoin ETF Fund of Funds, exclusively catering to institutional investors and high-net-worth individuals.
This approval aligns Thailand with other jurisdictions like the United States, Hong Kong, Australia, and the United Kingdom, which have already embraced Bitcoin ETFs. ONEAM’s Bitcoin ETF will invest in 11 prominent global Bitcoin funds, ensuring liquidity and security for investors. Another Thai firm, MFC Asset Management, is still awaiting clearance for its Bitcoin ETF product.
