Almost $220 million was once again poured into the spot Bitcoin ETFs yesterday, June 6, thus extending the consecutive inflow streak to 18 trading days in a row.
BlackRock’s IBIT had given up its first place in terms of daily inflows but saw $350 million inserted yesterday, while the former leader – Fidelity’s FBTC – gained only $3.1 million.
May 10 was the last trading day in which the 11 spot Bitcoin ETFs saw outflows, mostly driven by Grayscale’s GBTC. At the time, $103 million was taken out of Grayscale’s converted ETF, while the total outflows for all ETFs stood at $84.7 million, according to data from Farside.
The landscape has been entirely different since then, as the most obvious reason for the change of heart could be attributed to the US inflation data.
June 4 marked the second-highest day ever in terms of inflows, with $886.6 million. The numbers for June 5 stood at $488.1 million and $217.7 million for yesterday.
In four out of the last five trading days (except yesterday), Fidelity’s FBTC had become the go-to place for investors, as it had outpaced BlackRock’s IBIT in terms of most substantial inflows.
However, that changed yesterday when IBIT attracted $349.9 million, while FBTC saw only $3.1 million going in. Grayscale’s GBTC, which has experienced massive outflows since its conversion from a close-end fund to a spot ETF, had $37.6 million taken out of it.
However, Ark Invest’s ETF had the biggest amount withdrawn. The outflows for the day were close to $100 million for the second time in the past 10 days.
Despite the overall positive inflows of $217.7 million and the impressive streak the ETFs have been on, the price of the underlying asset failed to make a big move yesterday.
BTC was stopped ahead of $72,000 on Wednesday and was even pushed down to $70,200 yesterday. Now, though, the cryptocurrency trades above $71,000, being up just 0.6% in the past day and 4% on a weekly basis.
The post BlackRock’s IBIT Takes Back the Lead as Spot Bitcoin ETFs Continue Their Inflow Streak appeared first on CryptoPotato.
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