- The recent turnaround in US spot Bitcoin ETFs has caught the attention of the financial world, with $31 million in net inflows reversing a persistent outflow trend.
- While some funds benefitted from these inflows, others continued to see capital moving out, underscoring the varied performance in the market.
- Noteworthy among these movements is Fidelity’s FBTC, which led the inflows, and BlackRock’s IBIT, which saw no net flows despite high trading volume.
US spot Bitcoin ETFs experience a resurgence with significant net inflows after a week of outflows, catching the financial market’s attention.
US Bitcoin ETFs See Positive Turnaround
According to SoSoValue, Fidelity’s FBTC was a standout, achieving an impressive $49 million in inflows. Bitwise’s BITB followed with $15 million, and VanEck’s HODL also saw net inflows totaling $4 million.
On the downside, Grayscale’s GBTC faced a substantial net outflow of $30.3 million. Similarly, ARK Invest and 21Shares’ ARKB reported net outflows amounting to $6 million.
BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, saw its no-net-flow streak continue, despite a significant daily trading volume of $1.1 billion.
Other funds, including Invesco’s BTCO, Valkyrie’s BRRR, Franklin Templeton’s EZBC, and WisdomTree’s BTCW, similarly reported no net flows.
Overall, the 11 noted spot ETFs have cumulatively attracted over $14.4 billion in net inflows, reflecting a robust interest in Bitcoin ETFs despite mixed fund performance.
Anticipation Builds for Spot Ether ETFs
With the trading of spot Bitcoin ETFs marking nearly six months, the market is eagerly awaiting the debut of their Ether counterparts. Initial expert predictions hinted at a July launch, but the US Securities and Exchange Commission (SEC) has yet to provide a definitive timeline.
SEC Chairman Gary Gensler mentioned at a recent Bloomberg conference that the spot Ether ETF approval process is “proceeding smoothly.” The final steps involve the S-1 filings, which are currently being reviewed at the staff level.
Although the SEC approved the 19b-4 filings from eight ETF applicants on May 23, these asset managers are still finalizing their Form S-1s, the last requirement for approval before these products can be traded.
Conclusion
The recent shift to net inflows for US spot Bitcoin ETFs indicates renewed investor interest, signaling potential upward trends in the crypto market. However, the varying performance among individual funds suggests careful consideration is necessary for investors. The anticipated launch of spot Ether ETFs will be another significant development to watch. As these approvals edge closer, market players should stay informed to strategically navigate potential opportunities and challenges.
