Key Points
- On Wednesday, US spot bitcoin ETFs registered net inflows of $21.52 million.
- Inflows amounting to $19 million were reported by Fidelity’s FBTC fund.
- Additionally, Grayscale’s GBTC and VanEck recorded positive inflows.
- ARKB by Ark Invest and 21Shares saw outflows of $5 million.
US spot bitcoin ETFs have had a good week so far with net inflows reaching $21.52 million on Wednesday – the second consecutive day of positive inflows, as per data from SoSoValue. The standout on the day was Fidelity’s FBTC fund which attracted $19m. This flow played a major role in the overall bullish trend.
US spot bitcoin ETFs report $21.5 million in net inflows, extending positive streak https://t.co/9q6GOS3n3l
— The Block (@TheBlock__) June 27, 2024
Fidelity leads the charge with FBTC
Fidelity’s FBTC brought in an impressive $19m on Wednesday; making it the largest contributor to net inflows for that day. This strong showing demonstrates the confidence investors have in Fidelity’s bitcoin ETF products.
Grayscale’s GBTC also came back strong after posting its first positive flow since June 5th; taking in $4m worth of net inflows. VanEck added to the upward trend with $3m of inflows.
Mixed Results Among Other Funds
However, not all funds experienced positive flows. Ark Invest and 21Shares’ ARKB had a rough day seeing net outflows totaling -$5m; representing the only fund that showed negative performance for that particular day. Other significant players like BlackRock, Bitwise, and Valkyrie all reported zero flows.
Net institutional flows into US spot BTC exchange-traded funds (ETFs), past 30 days: +$14.44bn -all-time high- (Source: @CoinSharesCo)
The launch process for ether-based exchange-traded funds (ETFs) is “going smoothly” at the US SEC, per Gensler. No timeline was given. (Source: @Reuters)
Since their launch in January, US spot bitcoin ETFs have seen net inflows of $14.44 billion; reflecting strong and sustained interest from investors.
SEC Could Approve Ether ETFs Soon
In other news, Reuters reported that the U.S. Securities and Exchange Commission (SEC) may approve spot Ethereum ETFs as early as next Thursday, July 4th – a move that could represent an important milestone for investment products based around ether. Senior Bloomberg ETF analyst Eric Balchunas had previously estimated a potential launch date of July 2nd.
