Notes

ETF Inflows Surge: BlackRock and Fidelity Outshine Competitors

I recently read a piece on Coinatory regarding the recent developments of American spot Bitcoin (BTC) exchange-traded funds (ETFs). On June 7, these ETFs saw noteworthy influxes amounting to $131 million, extending a streak of positive movements to 19 days. Nonetheless, not all ETFs had profits. The ARK 21Shares Bitcoin ETF (ARKB), such as saw net outflows amounting to 1,364 BTC, valued approximately around $96.84 million. This outflow decreased ARKB’s assets to 48,939 BTC, worth roughly $3.47 billion.

On the 7th of June, Lookonchain data revealed that a considerable addition of 3,689 BTC, valued $261.91 million, was observed across nine distinct ETFs. BlackRock emerged as a primary driver to this increase, adding 4,896 BTC valued at $347.61 million. BlackRock's total BTC assets currently stand at an impressive 302,540 BTC, worth to $21.48 billion. This strong influx demonstrates growing investor confidence, especially in BlackRock and Fidelity products, which outshone the outflows from ARK 21Shares. Curiously, the Valkyrie Bitcoin Fund (BRRR) and the Franklin Bitcoin ETF (EZBC) had zero net flows on the same date.


Throughout the preceding week, BlackRock’s BTC ETF was leading in gains with a remarkable net inflow of 13,482 BTC. Fidelity Wise Origin Bitcoin Fund (FBTC) came in second, acquiring 9,729 BTC valued over $671 million. view more (ARKB) placed third, with a seven-day net inflow of 1,764 BTC, estimated 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 millioneach.

At the end of the week, BlackRock secured its standing as the largest Bitcoin ETF, managing BTC reserves exceeding $21 billion. Grayscale came next with 285,651 BTC, worth around $19.7 billion, and Fidelity managed Bitcoin totaling close to $12 billion. From the time of their introduction in January, U.S. Bitcoin ETFs collectively manage over 880,000 BTC, valued at more than $62 billion.

Despite these notable inflows, Bitcoin's price stayed mostly stable, fluctuating within $68,856 and $69,544 within a 24-hour period, based on CoinGecko data. BTC had a small decline of 0.9%, trading at about $69,465, while its market cap of $1.36 trillion and a market dominance of 51.1%. This price dip aligned with a major 34.81% drop in daily trading volume. Volume reached $20.9 billion.

In summary, the performance of U.S. Bitcoin ETFs indicates a mixed but hopeful outlook. With robust inflows into major funds like BlackRock and Fidelity, the interest of investors is strong even with minor setbacks in some ETFs. This pattern suggests an increasing confidence in Bitcoin ETFs as a viable investment vehicle in the crypto market.


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