Bitcoin Spot ETFs Gain Momentum with Consistent Inflows
The spot ETFs of Bitcoin have recently seen a surge in momentum, with cumulative inflows of up to $105 million on June 3rd. This marks fifteen consecutive days of inflows, according to data from analytics platform Sosovalue.
Among the BTC spot ETFs, Grayscale’s GBTC experienced no net outflow per day. However, Fidelity’s Bitcoin ETF took the lead with significant inflows. Wu Blockchain reported that FBTC saw an inflow of approximately $77.0482 million. Bitwise’s BTC ETF also experienced some inflows, with BITB seeing $14.3145 million in inflows.
Despite Fidelity and Bitwise’s strong performance, Grayscale’s flat status in terms of inflows indicates a decline in its market demand. Nevertheless, the overall increase in ETF inflows suggests further market growth in the future, leading to an increasing hype around the ETF sector.
Another on-chain analytics provider, Lookonchain, provided data on BTC ETFs. It revealed that nine ETFs held a total of 2,413 BTC tokens, equivalent to $166 million. Grayscale’s GBTC decreased by nearly 12 BTC, amounting to -$809K. Lookonchain also reported that GBTC currently holds approximately 286,957 BTC, valued at nearly $19.75 billion.
In addition, Lookonchain noted that Blackrock added 2,505 BTC, totaling $172.4 million. Blackrock’s ETF currently holds 291,563 BTC, valued at $20.07 billion. Fidelity added 87 BTC, bringing its total holdings to 164,118 BTC.
Overall, Bitcoin spot ETFs are experiencing a surge in inflows, with Fidelity and Bitwise leading the way. Grayscale’s stagnant performance indicates a decline in market demand, but the market as a whole is poised for future growth. The rise of ETFs continues to generate excitement in the industry.
