In the last couple of days, Bitcoin ETFs have seen a surge in inflows, totaling $1.4 billion and marking 17 consecutive days of positive net flows. Fidelity has outpaced BlackRock with a significant inflow of $220 million in the past day.
Despite this influx of funds, Bitcoin’s price has remained relatively stable, gaining less than 1% in the last 24 hours to hover just above $71,000 while the overall market has been trading sideways.
Spot Bitcoin ETFs, after a brief pause that raised concerns about waning interest, are back on track and have been accumulating thousands of BTC. The $1.4 billion net inflows in the past two days have not had a significant impact on the cryptocurrency’s price.
On June 4, Bitcoin ETFs saw a massive inflow of $886 million, the second-highest single-day inflow in their history, indicating a growing appetite for crypto among institutional investors. The following day, on June 5, the trend continued with net flows of $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, and on the next day, it continued its strong performance with $220 million, surpassing BlackRock’s $155 million. Among smaller ETFs, Ark’s inflow was the highest at $71.4 million.
Grayscale, on the other hand, has stopped losing assets after a period of outflows. Over the past 12 days, there have been outflows on only five days, indicating some stability for the once-largest ETF. Yesterday, Grayscale recorded $14.6 million in inflows, down from $28 million the day before.
Despite Grayscale’s recent outflows, BlackRock has been consistently attracting funds, leading IBIT to surpass GBTC as the largest Bitcoin ETF. As of now, BlackRock manages $20.146 billion in assets, slightly more than Grayscale’s $20.122 billion.
Interestingly, the increase in ETF inflows has occurred despite a decrease in Google search interest for ‘Bitcoin ETF.’ The search term has a score of 1 on Google Trends for global searches, while ‘Bitcoin’ has a score of 31. On the other hand, ‘onchain’ searches have reached a new high at 100, indicating a growing interest in blockchain applications beyond speculation.
Currently, Bitcoin is trading at $71,134 and has not capitalized on the renewed interest in its ETFs. After reaching $70,000 on Tuesday, the cryptocurrency has been trading sideways, failing to break past $71,700 on Wednesday. This price movement aligns with the broader market trend, which has been in a consolidation phase for several weeks.