Bitcoin ETFs in US Surpass $200M Daily Inflows Mark for First Time in Four Months
Bitcoin exchange-traded funds in the United States record $221.7 million in daily inflows, marking the highest single-day influx since the beginning of May, while Bitcoin trades above the $61,000 threshold.
Exchange-traded funds tracking spot Bitcoin that are listed in the United States have logged their first net inflow exceeding $200 million on a single day since the start of May, bringing an end to multiple weeks of continuous withdrawals.
According to data from SoSoValue, these investment vehicles pulled in $221.7 million in net inflows during Thursday's trading session, breaking a consecutive 10-day period of net outflows that had accumulated to over $2.7 billion.
This turnaround arrives following one of the most challenging periods for spot Bitcoin ETFs in the United States this year, as the products experienced an unprecedented $4.5 billion in net outflows throughout the month of June.
These inflows occurred as Bitcoin regained the $61,000 price point after temporarily dipping beneath $59,000, with certain investors, including Matt Hougan, who serves as Chief Investment Officer at Bitwise, indicating that the market might be approaching a bottom. On Friday, the Fear & Greed Index from Alternative.me registered crypto market sentiment at an "extreme fear" level.
Fidelity leads ETF rebound as BlackRock outflows continue
The Wise Origin Bitcoin Fund (FBTC) from Fidelity spearheaded Thursday's resurgence with $166 million in net inflows, representing approximately 75% of the total for that day, based on data from Farside Investors.
The ARK 21Shares Bitcoin ETF (ARKB) came in second with $91.8 million in inflows, while the VanEck Bitcoin ETF (HODL) along with the Valkyrie Bitcoin Fund (BRRR) drew in $4.4 million and $1.7 million, in that order.
In contrast, the iShares Bitcoin Trust (IBIT) from BlackRock, which holds the position as the largest spot Bitcoin ETF in the United States by total assets, experienced continued hemorrhaging, recording $40.4 million in net outflows during Thursday's session. This fund has shed over $2.2 billion throughout an 11-session streak of outflows that began on June 17.
Altcoin ETFs post inflows as sentiment stays in fear
The rebound in flows for exchange-traded funds spread beyond Bitcoin, as investment products focused on alternative cryptocurrencies also recorded net inflows on Thursday.
Spot Ether ETFs in the United States drew in $29.1 million during Thursday's trading, coming after $14.9 million in inflows during the previous day's session. ETFs tracking XRP similarly returned to positive net inflows, pulling in $6.6 million following two back-to-back sessions of outflows.
Over the preceding 24 hours, the worldwide cryptocurrency market capitalization increased by 2.4% to reach $2.22 trillion as Bitcoin bounced back above the $61,000 mark, per data from CoinGecko.