Total net inflows from the first five days of trading for the newly launched U.S. spot bitcoin ETFs have reached almost $1.2 billion, with Fidelity joining BlackRock in the $1 billion-plus inflows club.
According to BitMEX Research, Bitwise holds third place with $395.5 million in inflows, while Ark Invest/21Shares and Invesco have seen total inflows of $320.9 million and $194.9 million, respectively. Overall, 10 out of the 11 ETFs have garnered nearly $3.4 billion in inflows, with Grayscale experiencing $2.2 billion in outflows.
Despite 10 out of 11 ETF products generating a total of $447.9 million in inflows, Grayscale’s converted fund saw net outflows of $579.6 million, marking the largest outflow so far. Fidelity and BlackRock spot bitcoin ETFs led recent inflows, attracting $177.9 million and $145.6 million, respectively. Invesco witnessed the third-largest inflows at $59 million.
The second day of net outflows occurred yesterday, with total net outflows reaching $131.6 million—the largest so far. Grayscale, BlackRock, and Fidelity’s spot bitcoin ETFs continue to dominate trading volume, contributing to a cumulative total nearing $14 billion.
Bitcoin briefly fell below $41,000 amid the net outflows from spot ETFs before recovering slightly. As of now, Bitcoin is trading at $41,379, down 3% in the last 24 hours and around 10% since the ETFs launched last Thursday.
Analysts at JPMorgan suggest that continued profit-taking by GBTC investors could put further pressure on Bitcoin’s price, estimating up to $3 billion in GBTC outflows. Investors exiting Bitcoin entirely instead of shifting to cheaper spot Bitcoin ETFs contribute to this potential price pressure.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
