Notes

Significant Bitcoin ETF Inflows Highlight Investor Confidence in BlackRock and Fidelity

Just now, I stumbled upon a report from Coinatory concerning the recent performance of United States spot Bitcoin (BTC) ETFs. On June 7, these ETFs saw substantial influxes amounting to $131 million, extending a trend of positive flows to 19 days. Yet, not all ETFs saw profits. The ARK 21Shares Bitcoin ETF (ARKB), such as had capital outflows totaling 1,364 BTC, valued to around $96.84 million. This reduction decreased ARKB’s assets to 48,939 BTC, valued approximately $3.47 billion.

On the 7th of June, Lookonchain data indicated that a significant influx of 3,689 BTC, totaling $261.91 million, occurred across nine separate ETFs. BlackRock was a major catalyst to this increase, adding 4,896 BTC valued at $347.61 million. BlackRock's total BTC assets currently stand at 302,540 BTC, valued to $21.48 billion. This notable influx shows growing investor confidence, especially in BlackRock and Fidelity funds, which overshadowed the withdrawals from ARK 21Shares. Notably, the Valkyrie Bitcoin Fund (BRRR) and the Franklin Bitcoin ETF (EZBC) reported zero net flows on the same date.

Throughout the past week, BlackRock’s BTC ETF was leading in performance with a significant net inflow of 13,482 BTC. Fidelity Wise Origin Bitcoin Fund (FBTC) followed closely, securing 9,729 BTC worth at $671 million. The ARK 21Shares Bitcoin ETF (ARKB) came in third, with a seven-day net inflow of 1,764 BTC, valued at approximately $121 million. Other ETFs, such as the VanEck Bitcoin Trust ETF HODL and the Valkyrie Bitcoin Fund, recorded lesser weekly net inflows of $7.7 million and $1.5 million, respectively.

As of the end of the week, BlackRock solidified its position as the leading Bitcoin ETF, controlling assets surpassing $21 billion. Grayscale was second with 285,651 BTC, valued around $19.7 billion, and Fidelity had Bitcoin worth nearly $12 billion. Since their inception in January, U.S. Bitcoin ETFs jointly handle over 880,000 BTC, estimated to $62 billion.


Despite these notable inflows, Bitcoin's price remained relatively stable, varying within $68,856 and $69,544 within a 24-hour period, based on CoinGecko data. BTC had a slight decline of 0.9%, trading around $69,465, while its market cap was $1.36 trillion and a market dominance of 51.1%. This decline aligned with a significant 34.81% drop in daily trading volume. Volume reached $20.9 billion.

On the whole, the performance of U.S. Bitcoin ETFs shows a varied but positive outlook. With robust inflows into key funds like BlackRock and Fidelity, investor enthusiasm remains robust despite minor setbacks in some ETFs. This development suggests a growing confidence in Bitcoin ETFs as a solid investment vehicle in the digital currency market.


Here's my website: https://coinatory.com/cryptocurrency-news/bitcoin-etfs-see-131m-inflows-despite-market-volatility-19619/