In the last 48 hours, Bitcoin ETFs have seen a significant increase in inflows, totaling $1.4 billion and marking 17 consecutive days of positive net flows. Fidelity has surpassed BlackRock in daily inflows, bringing in $220 million.
Despite the influx of funds into ETFs, Bitcoin itself has only experienced a minor increase of less than 1% in the last day, trading just above $71,000 as the overall market remains mostly stagnant.
After a period of dormancy, spot Bitcoin ETFs have regained momentum and are acquiring large amounts of BTC. Despite the impressive net flows of over $1.4 billion in the past two days, the impact on the asset’s price has been minimal.
On June 4th, Bitcoin ETFs attracted $886 million, the second-highest daily inflow in history, indicating a growing interest in crypto among institutional investors. The following day, inflows continued with $488.1 million or 6,855 BTC.
While BlackRock’s IBIT ETF has been a front runner, Fidelity has emerged as a leader in the recent resurgence. On June 4th, Fidelity brought in $378 million compared to BlackRock’s $274 million, and on June 5th, it continued its success with $220 million against BlackRock’s $155 million. Among the smaller ETFs, Ark performed well with $71.4 million in inflows.
Notably, Grayscale has stabilized its assets after a period of outflows. In the last 12 days, outflows occurred only on five days, with $14.6 million in inflows recorded yesterday, down from $28 million on Tuesday. However, when outflows do happen, they are substantial, with recent withdrawals amounting to $124.3 million, $31.1 million, and $105.2 million.
Despite Grayscale’s challenges, IBIT has overtaken GBTC to become the largest Bitcoin ETF, with BlackRock managing $20.146 billion in assets under management compared to Grayscale’s $20.122 billion.
The increase in ETF inflows contrasts with a decline in search interest for ‘Bitcoin ETF’ on Google, which has a low score of 1 on Google Trends for global searches. In contrast, ‘Bitcoin’ has a score of 31, while the search term ‘onchain’ recently reached a record high of 100, indicating a growing interest in blockchain technology beyond just speculation.
Bitcoin is currently trading at $71,134, failing to capitalize on the renewed interest in ETFs. Despite briefly attempting to surpass $71,700 on Wednesday, the cryptocurrency has mostly traded sideways since reaching $70,000 on Tuesday, mirroring the consolidation phase seen in other digital assets.