In the last 48 hours, Bitcoin ETFs have seen a massive influx of $1.4 billion and have enjoyed 17 consecutive days of positive net flows. Fidelity has outperformed BlackRock in the latest round, bringing in $220 million in just one day.
Despite the surge in ETF flows, Bitcoin prices have remained relatively stable, increasing by less than 1% in the last day and hovering just above $71,000 as the overall market has been trading sideways.
After a period of uncertainty, spot Bitcoin ETFs have regained momentum and are acquiring thousands of BTC. The recent inflow of over $1.4 billion in the past two days has not significantly impacted the price of the cryptocurrency.
On June 4th, Bitcoin ETFs experienced a remarkable inflow of $886 million, the second-highest in a single day, indicating a growing interest in crypto among institutional investors. The following day, the trend continued with another $488.1 million flowing into the ETFs, equivalent to 6,855 BTC.
While BlackRock’s IBIT ETF has been a significant player, Fidelity has taken the lead in the recent resurgence. On June 4th, Fidelity brought in $378 million compared to BlackRock’s $274 million, and on the next day, it added another $220 million to BlackRock’s $155 million. Ark’s ETF also performed well, with $71.4 million in inflows.
In a positive development, Grayscale has managed to stabilize its assets after a period of outflows. Although there were only five days of outflows in the past 12 days, the ETF recorded $14.6 million in inflows yesterday, a decrease from the $28 million on Tuesday.
Despite Grayscale’s struggles, BlackRock continues to attract funds, surpassing Grayscale to become the largest Bitcoin ETF. BlackRock currently manages $20.146 billion in assets, slightly more than Grayscale’s $20.122 billion.
The increase in ETF inflows has occurred despite a decrease in search interest for ‘Bitcoin ETF’ on Google Trends, with a score of 1 compared to ‘Bitcoin’ with a score of 31. However, interest in ‘onchain’ has hit a record high of 100, indicating a growing curiosity in blockchain applications beyond speculation.
Bitcoin is currently trading at $71,134 and has not capitalized on the renewed interest in ETFs. Despite attempting to break past $71,700 on Wednesday, the cryptocurrency has been trading sideways, reflecting the consolidation phase seen in most other digital assets in recent weeks.
