Notes

Driven by BlackRock in Bitcoin ETFs, Despite ARK 21Shares Reports Outflows.
As noted on Coinatory, recent data has shown significant inflows into U.S. Bitcoin ETFs, with an influx of $131 million on June 7 marking a 19-day streak of positive net flows. In contrast to this overall trend, the ARK 21Shares Bitcoin ETF (ARKB) saw substantial outflows totaling 1,364 BTC, or approximately $96.84 million, reducing its holdings to 48,939 BTC, worth roughly $3.47 billion.


On June 7 alone, Lookonchain data indicated that nine distinct Bitcoin ETFs collectively acquired an additional 3,689 BTC, valued at $261.91 million. This surge was mainly propelled by BlackRock, which injected 4,896 BTC, valued at $347.61 million, into its Bitcoin ETF, significantly boosting its total holdings to 302,540 BTC, worth an noteworthy $21.48 billion. This considerable inflow highlights growing investor faith, particularly in products from BlackRock and Fidelity, even as ARK 21Shares witnessed outflows.

In contrast to the influx to BlackRock's Bitcoin ETF, the ARK 21Shares Bitcoin ETF (ARKB) saw significant outflows. This divergence indicates the varying investor sentiment across different funds and suggests a preference for ETFs with a more recognized track record or larger market presence. On the other hand, the Valkyrie Bitcoin Fund (BRRR) and the Franklin Bitcoin ETF (EZBC) both reported zero net flows on the same date, indicating a more cautious or neutral approach from investors towards these products.

In the week leading up to June 7, BlackRock's BTC ETF emerged a performance leader, showing a net inflow of 13,482 BTC. Fidelity's Wise Origin Bitcoin Fund (FBTC) was close behind, securing 9,729 BTC, valued at over $671 million. The ARK 21Shares Bitcoin ETF (ARKB) secured the third position with a seven-day net inflow of 1,764 BTC, valued at $121 million. Comparatively, VanEck Bitcoin Trust ETF (HODL) and Valkyrie Bitcoin Fund saw smaller weekly net inflows of $7.7 million and $1.5 million, respectively, indicating a larger range of investor preferences across various Bitcoin ETF products.

By the end of the week, BlackRock maintained its status as the largest Bitcoin ETF with holdings surpassing $21 billion. Coming after BlackRock, Grayscale kept 285,651 BTC, valued at approximately $19.7 billion, while Fidelity's holdings reached nearly $12 billion. These numbers reflect the major position of BlackRock in the Bitcoin ETF market, with significant holdings also by Grayscale and Fidelity.

Since their inception in January, U.S. Bitcoin ETFs have collectively managed over 880,000 BTC, valued at more than $62 billion. This substantial growth in assets under management indicates a growing acceptance and institutional investment in Bitcoin through ETFs. In spite of these significant inflows, Bitcoin's price exhibited relative stability, shifting between $68,856 and $69,544 within a 24-hour period, according to CoinGecko data. During this time, BTC saw a slight decline of 0.9%, trading at $69,465, with a market cap of $1.36 trillion and a market dominance of 51.1%. The price dip was accompanied by a significant 34.81% drop in daily trading volume, which was $20.9 billion.

In summary, as detailed by Coinatory, the rise in Bitcoin ETF inflows, particularly led by BlackRock, highlights a growing trust among investors in Bitcoin ETFs. This trend differs from the outflows seen from ARK 21Shares and indicates a dynamic investment landscape where fund performance and reputation play key roles in attracting capital.

Homepage: https://coinatory.com/cryptocurrency-news/bitcoin-etfs-see-131m-inflows-despite-market-volatility-19619/