US Bitcoin ETFs see inflows of $100.9 million after 19-day frenzy

A major shake-up in U.S. spot Bitcoin exchange-traded funds (ETFs) has generated a total of $100.9 million in net inflows. The reversal comes after previous net buybacks and also ends a record 19-day straight investment spree.

Fidelity’s FBTC leads with $51 million in inflows, followed by BlackRock’s IBIT with $16 million, Bitwise’s BITB, VanEck’s HODL with $15 million and $12 million, and Ark Invest’s ARKB with a $9 million increase in net assets, according to SosoValue data.

Bitcoin Spot ETF Chart – Source: SosoValue

However, Grayscale’s GBTC, WisdomTree and Invesco had no new money. In total, the 11 Bitcoin ETFs were created and collected a total of $15.52 billion in net inflows.

The sharp rise in ETF investing on Wednesday coincided with the U.S. Department of Labor reporting no change in the Consumer Price Index for May, potentially signaling a slowing inflation rate.

Despite the positive economic indicator, the Federal Open Market Committee decided to maintain the current interest rate between 5.25% and 5.50%, with the Federal Reserve only anticipating one rate cut in 2024 and remaining cautious in the face of the ongoing deflationary process.

These developments highlight optimism for Bitcoin ETFs, especially given signs of a possible deceleration in inflation rates. The continued demand for these funds demonstrates the market’s favorable attitude towards Bitcoin as a valuable asset.

Read also: Institutional Cash-and-Carry Boosts US Bitcoin ETFs, Says Glassnode

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