Saturday, June 22, 2024
Home > News > Bitcoin News > Spot BTC ETFs start 4th consecutive week with positive inflows

Spot BTC ETFs start 4th consecutive week with positive inflows

Spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. have started their fourth consecutive week with positive gains while BTC consolidates.

According to data provided by Farside Investors, spot BTC ETF products in the U.S. recorded $105.1 million in inflows on June 3 — making a positive entrance into the fourth straight week. 

The majority of the inflows came from Fidelity Wise Origin Bitcoin Fund (FBTC), worth $77 million. Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF(ARKB) registered $14.3 million and $10.7 million inflows, respectively.

Moreover, VanEck Bitcoin Trust ETF (HODL) and WisdomTree Bitcoin Fund (BTCW) had a smaller share of the inflows, recording $2 million and $1.1 million in net inflows, respectively. 

The largest BTC ETF, iShares Bitcoin Trust (IBIT), with over $16.65 billion in net inflows since the launch of the investment products in the U.S., remained neutral on June 3. Grayscale Bitcoin Trust (GBTC) also had $0 net flows.

Notably, Bitcoin ETFs have been consistently recording positive net flows since May 10 with only one day of $0 cumulative flows on May 27. 

This is the second-longest positive run, 16 days, for the BTC ETFs in the U.S. — the products witnessed 18 days of consistent inflows between Jan. 26 and Feb 20.

Bitcoin’s reaction

Bitcoin has been mostly consolidating between $68,800 and $69,300 over the past day. The flagship cryptocurrency briefly touched a seven-day high of $70,230 at around 13:50 UTC on June 3.

BTC price – June 3 | Source: Trading View

The BTC price declined by 0.11% in the past 24 hours and is trading at $69,020 at the time of writing. The asset’s market cap is sitting at $1.36 trillion, with a 50.4% dominance over the whole cryptocurrency market.

Data shows that Bitcoin’s daily trading volume surged by 30%, reaching $29.5 billion. 

Source