In the last 48 hours, Bitcoin ETFs have seen a surge in inflows, totaling $1.4 billion, and have maintained positive net flows for 17 consecutive days. Fidelity has outpaced BlackRock, bringing in $220 million in the latest day.
Despite this influx of funds, Bitcoin’s price has remained relatively stable, inching up by less than 1% to hover around $71,000 as the overall market continues to trade sideways.
After a period of lull, spot Bitcoin ETFs are back in action, acquiring thousands of BTC. While the net flows for these ETFs have exceeded $1.4 billion in the last two days, they have had minimal impact on the asset’s price.
On June 4, Bitcoin ETFs saw a staggering $886 million inflow, marking the second-highest single-day inflow in history and indicating a growing interest from institutional investors. The following day, the momentum continued with $488.1 million worth of assets flowing into the ETFs.
Despite BlackRock’s IBIT ETF leading the pack, Fidelity has emerged as the front-runner in the recent resurgence. Fidelity brought in $378 million on June 4, surpassing BlackRock’s $274 million, and followed up with an additional $220 million the next day. Ark’s ETF also performed well, attracting $71.4 million in inflows.
Notably, Grayscale has halted its asset outflows, showing signs of stabilization after experiencing five days of outflows in the last 12 days. Yesterday, it recorded $14.6 million in inflows, a decline from the $28 million reported on Tuesday.
While BlackRock’s assets under management have reached $20.146 billion, surpassing Grayscale’s $20.122 billion, the increase in ETF inflows contrasts with a decline in Google search interest for ‘Bitcoin ETF,’ which has a low score of 1 compared to ‘Bitcoin’ with a score of 31. Interestingly, ‘onchain’ searches hit a new high of 100, indicating a growing interest in blockchain applications beyond speculation.
Despite the renewed interest in ETFs, Bitcoin’s price remains relatively unchanged at $71,134. The crypto attempted to break past $71,700 on Wednesday but was quickly rejected. This price movement mirrors the consolidation phase observed in most other cryptocurrencies in recent weeks.