Bitcoin ETFs see inflows of $45 million

Spot Bitcoin (BTC) exchange-traded funds (ETFs) saw a net inflow of $45 million on May 28.

This extended their win rate to 11 consecutive days despite the Grayscale Bitcoin Trust ETF (GBTC) seeing $105.2 million in outflows.

These ETF products collectively saw an inflow of 632 BTC. The positive capital flow is due to the fact that products from BlackRock and Fidelity eclipsed the outflow of 1,550 BTC from GBTC.

Notably, BlackRock’s iShares Bitcoin Trust (IBIT) saw inflows worth $102.5 million, the largest for any ETF. Meanwhile, Fidelity’s Wise Origin Fund (FBTC) saw the second highest inflow at $34.3 million.

Franklin Bitcoin ETF (EZBC) and VanEck Bitcoin Trust (HODL) reported no inflows on the same day.

The massive outflow of GBTC caused the product to lose its position as the largest spot ETF in terms of BTC holdings. This change is assigned to the higher costs associated with the ETF compared to other products, leading investors to withdraw funds.

Before conversion to an ETF, Grayscale held over 600,000 BTC. After 96 days of trading, BlackRock’s I BITE overtook GBTC in BTC holdings, with 288,671 BTC worth $19.7 billion, compared to GBTC’s 287,488 BTC worth $19.6 billion.

Since the launch of Bitcoin ETFs in January in the United States, more than 566,662 BTC have been acquired by these funds, according to data provided by market analyst Quinten François. These ETFs now hold over 840,000 BTC under management.

Despite the continued streak of capital inflows, Bitcoin still needs to hold above the $70,000 price threshold with confidence. The leading cryptocurrency is currently priced at $67,900. Notably, BTC briefly hit an intraday high of around $70,590 two days ago before ceding territory to the bears.

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