If this continues, Bitcoin ETFs may break their inflow record this week. Meanwhile, spot Ethereum ETFs are poised to enter the U.S. market.
U.S. spot Bitcoin ETFs are posting their longest streak of inflows since inception, recording their 16th consecutive session of positive inflows on Tuesday.
The 11 spot Bitcoin-based ETFs in the U.S. market experienced net capital inflows of $886.7 million yesterday, SoSoValue data shows.
The steady streak of inflows stretches back to May 13, with Tuesday’s addition marking the group’s second-largest daily inflow since March’s record of just over $1 billion.
If the trend continues, the group of Bitcoin ETFs will mark its longest streak of daily inflows since its January debut.
Bitcoin spot ETF in uptrend
FBTC, Fidelity’s Bitcoin spot ETF, brought in the most positive flows on Tuesday, with a total of USD 378.7 million, according to data from Farside Investors. It was followed by BlackRock’s analogous IBIT fund, which closed the day with inflows of USD 272.4 million.
Other products with significant inflows were Ark Invest’s ARKB and 21Shares, with net inflows of USD 138.7 million on the day. The bulk of U.S. spot Bitcoin ETFs received fewer inflows during the session, with Bitwise’s BITB in fourth position with USD 61 million.
GBTC, Grayscale’s converted fund, had its first positive day since May 20, with net inflows of USD 28.2 million on Tuesday. This comes shortly after Grayscale’s spot Bitcoin ETF ended May with inflows of more than USD 120 million, marking its lowest daily inflow since April.
This Grayscale product recorded its first daily inflows since its reconversion in January on May 1. Thereafter, flows have been mixed, with sessions of outflows, others of neutral flows and a few of net inflows. GBTC, formerly an ETF operating as a trust fund, has recorded total outflows of more than USD 17 billion since January.
The other funds recorded inflows on Tuesday ranging from USD 4 million to zero, with four of them falling into the latter category, the same information source indicates.
Year-to-date, the group has accumulated total inflows of $14.8 billion, with BlackRock’s IBIT leading the way with inflows of nearly $17 billion since its inception. IBIT is the largest Bitcoin ETF in the cohort in terms of holdings, surpassing $20 billion in bitcoins under management.
Meanwhile, total flows into U.S. spot Bitcoin ETFs remain below the peak recorded in March, as The Block’s data dashboard shows.
Leading the way for U.S. Ethereum ETFs
The second-best run of inflows comes as market participants eagerly await the official debut of the first Ethereum ETFs in the U.S. The Securities and Exchange Commission (SEC) last month cleared a total of eight funds with direct exposure to Ether and issuers are finalizing details for the debut on exchanges.
According to analysts, trading could take place in the coming weeks, although there is no consensus on a date.
Meanwhile, Bitcoin ETFs are expanding into other markets around the world. Just this week, the first ETF based exclusively on Bitcoin has been launched in Australia and another has been approved in Thailand, an unprecedented development in that country. Hong Kong has already had its own Bitcoin and Ethereum (ETH) ETFs since April.
This week, the cryptocurrency market has seen a sharp rise in prices. Bitcoin temporarily regained the $71,000 mark yesterday and, at the time of writing, was moving around $70,900, up 3% on the day. ETH, meanwhile, is trading around $3,800, up 1%.
