Spot Bitcoin ETF Return to Profitability with $418 Million in Net Inflows

Spot Bitcoin ETF Return to Profitability with $418 Million in Net Inflows

Bitcoin News
March 27, 2024 by Diana Ambolis
428
Fidelity’s Bitcoin ETF Records Highest Daily Gains in Two Weeks, Tops the Charts with $279 Million in Inflows Fresh capital is pouring back into US spot Bitcoin exchange-traded funds (ETFs) after a streak of five consecutive days of net outflows. Led by strong inflows into BlackRock’s and Fidelity’s funds, the ten recently approved spot Bitcoin
bitcoin ETF bitcoin halving M2 money supply

Fidelity’s Bitcoin ETF Records Highest Daily Gains in Two Weeks, Tops the Charts with $279 Million in Inflows

Fresh capital is pouring back into US spot Bitcoin exchange-traded funds (ETFs) after a streak of five consecutive days of net outflows.

Led by strong inflows into BlackRock’s and Fidelity’s funds, the ten recently approved spot Bitcoin ETFs collectively recorded a net inflow of $418 million on March 26, according to data from Farside Investors. Fidelity’s fund saw its largest daily inflow since March 13, raking in $279.1 million on March 26, as the investment giant acquired an additional 4,000 BTC. This marked the second consecutive day the fund experienced inflows exceeding $260 million. Additionally, BlackRock’s fund attracted inflows of $162.2 million, although its daily inflows remained relatively low compared to earlier in the month when they averaged over $300 million per day.

Ark 21Shares Bitcoin ETF fund had its best day since March 12, with inflows reaching $73.6 million, while Invesco Galaxy, Franklin Templeton, and Valkyrie all witnessed inflows of more than $26 million across their respective funds.

Meanwhile, Grayscale’s Bitcoin Trust (GBTC) continued to experience outflows, recording a daily outflow of $212 million. However, these outflows were not sufficient to offset the net inflows into its competitors.

Also, read- Top 10 Reasons Bitcoin ETFs Are A New Dawn For Bitcoin Investment

Since transitioning from a trust to an ETF on Jan. 11, Grayscale has seen a significant decline, shedding 277,393 BTC worth roughly $19.5 billion at current prices. In a post on March 26, Bloomberg senior ETF analyst Eric Balchunas highlighted the presence of Bitcoin ETFs in a chart of the largest 30 asset funds in their first 50 days of trading.

Four Bitcoin ETFs made it onto the list of global funds, with BlackRock’s IBIT and Fidelity’s FBTC standing out as particularly noteworthy, according to Balchunas.

Furthermore, Balchunas pointed out that even the Bitwise Bitcoin ETF (BITB) – currently the 18th largest Bitcoin ETF by assets under management – surpassed the world’s largest SPDR Gold Shares (GLD) fund in size.

On March 26, crypto asset management firm Hashdex secured its position as the eleventh spot Bitcoin ETF issuer in the United States after announcing the conversion of its futures fund to a spot product, now trading under the ticker DEFI.