ETFs
US Spot Bitcoin ETFs Regain Net Inflow of $116M After Month of Outflows
US Spot Bitcoin ETFs Regain Net Inflow of $116M After Month of Outflows
Place Bitcoin U.S. ETFs saw a turnaround as net inflows of $116.8 million were recorded last week, following four straight weeks of outflows exceeding $1 billion. Fidelity’s FBTC dominated last week’s net inflows, attracting $111.3 million, followed by Ark Invest’s ARKB, which generated $82.8 million. BlackRock’s spot Bitcoin ETF, IBIT, has seen a slowdown in recent weeks, recording its first daily net outflows on May 1. Nonetheless, IBIT achieved $48.1 million in net inflows, ranking third for the week.
Grayscale’s Bitcoin Trust was the only spot ETF to see net outflows, with $171.1 million leaving the fund. Interestingly, Grayscale’s trust ended its run of outflows with $63 million in net inflows on May 3, followed by another $3.9 million on Monday.
The overall flow of funds into spot Bitcoin ETFs has declined significantly since its peak on March 12, with a net daily inflow of $1.05 billion. After the spike, Bitcoin price saw a 23% decline from its all-time high of $73,836 on March 14, reaching $56,900 on May 1 before recovering. Currently, Bitcoin is trading around $62,800, gaining almost 2.80% over the past 24 hours.
Despite the reversal in flows, trading volume for US Bitcoin spot ETFs fell to $7.4 billion last week from $11 billion the week before. Likewise, the global market for exchange-traded crypto products saw a decline to $8 billion last week, compared to an average of $17 billion in April. However, the cumulative trading volume for US spot Bitcoin ETFs has exceeded $250 billion since their launch on January 11, reaching a total of $254 billion last week.