ETFs
BlackRock IBIT Retakes Lead as Spot Bitcoin ETFs Continue Inflow Streak
Nearly $220 million was once again invested in spot Bitcoin ETFs yesterday, June 6, extending the streak of consecutive entries to 18 consecutive trading days.
BlackRock’s IBIT gave up its top spot in terms of daily inflows but saw $350 million inserted yesterday, while the previous leader – Fidelity’s FBTC – gained just $3.1 million.
May 10 was the last trading day on which the 11 Spot Bitcoin ETFs experienced capital outflows, mainly due to Grayscale’s GBTC. At the time, $103 million was withdrawn from Grayscale’s converted ETF, while total outflows for all ETFs were $84.7 million. according to to Farside data.
The landscape has been completely different since then, with the most obvious reason for this change of heart attributable to US inflation data.
June 4 marked the second highest day never reached in terms of admissions, with 886.6 million dollars. The figures for June 5 were $488.1 million and $217.7 million for yesterday.
In four of the last five trading days (except yesterday), Fidelity’s FBTC has become the place of choice for investors, as it has surpassed BlackRock’s IBIT in terms of largest inflows.
However, this changed yesterday when IBIT attracted $349.9 million, while FBTC received only $3.1 million. Grayscale’s GBTC, which has seen massive outflows since converting from a closed-end fund to a spot ETF, withdrew $37.6 million.
However, it was the Ark Invest ETF that withdrew the largest amount. Cash outflows for the day were around $100 million for the second time over the last 10 days.
Despite the overall positive inflows of $217.7 million and impressive sequence While the ETFs were hot, the price of the underlying asset failed to make a big move yesterday.
BTC was stopped ahead of $72,000 on Wednesday and was even pushed back to $70,200 yesterday. Today, however, the cryptocurrency is trading above $71,000, up just 0.6% over the past day and 4% on a weekly basis.