In the past two days, Bitcoin ETFs have seen an influx of $1.4 billion and achieved 17 consecutive days of positive net flows. Fidelity has surpassed BlackRock in the latest day, bringing in $220 million.
Despite the increase in ETF flows, Bitcoin’s price has remained relatively stable, with a slight increase of less than 1% in the last 24 hours, trading just above $71,000. The market as a whole has been trading sideways.
After a period of low activity that raised concerns about waning interest, spot Bitcoin ETFs are back in action, accumulating thousands of BTC. Even with over $1.4 billion in net flows in the past two days, the underlying asset’s price has seen minimal impact.
On June 4, Bitcoin ETFs received $886 million, marking the second-highest single-day inflow in history and indicating a growing appetite for crypto in the institutional investment sector, a 700% increase from the previous day. The following day, June 5, saw a continuation of this trend with $488.1 million, equivalent to 6,855 BTC.
While BlackRock’s IBIT ETF has been leading the way, Fidelity has emerged as the top performer in the recent resurgence. On June 4, Fidelity brought in $378 million compared to BlackRock’s $274 million. The next day, Fidelity continued its success with $220 million against BlackRock’s $155 million. Among the smaller ETFs, Ark’s performance stood out with $71.4 million in inflows.
Notably, Grayscale’s asset outflows have slowed down, with only five outflow days in the past 12 days, indicating some stability for the once-dominant ETF. Yesterday, it saw $14.6 million in inflows, down from $28 million the day before. However, when outflows do occur, they are substantial, with recent withdrawals of $124.3 million, $31.1 million, and $105.2 million.
With BlackRock attracting consistent funds and Grayscale experiencing outflows, IBIT has overtaken GBTC to become the largest Bitcoin ETF. Current data shows BlackRock managing $20.146 billion in assets, slightly more than Grayscale’s $20.122 billion.
Despite a decline in Google search interest for ‘Bitcoin ETF,’ which has a score of 1 on Google Trends, the search term ‘Bitcoin’ remains popular at 31. Interestingly, ‘onchain’ searches have hit a new record of 100, indicating a growing interest in exploring blockchain applications beyond speculation and focusing on areas like tokenization.
Bitcoin is currently trading at $71,134, failing to capitalize on the renewed attention towards its ETFs. The cryptocurrency has been trading sideways since reaching $70,000, with attempts to surpass $71,700 quickly rebuffed. This movement is in line with the broader crypto market, which has been in a consolidation phase for several weeks.