In the last 48 hours, Bitcoin ETFs have attracted $1.4 billion in investments and have seen positive net flows for 17 consecutive days. Fidelity has outperformed BlackRock in the past day, bringing in $220 million.
Despite the surge in ETF investments, Bitcoin has shown minimal response, with a less than 1% increase in the last day, trading slightly above $71,000 while the overall market remains relatively stable.
After a period of uncertainty, spot Bitcoin ETFs are back on track, accumulating thousands of BTC. Despite the $1.4 billion in net flows over the past two days, the price of Bitcoin remains largely unaffected.
On June 4, Bitcoin ETFs saw a significant inflow of $886 million, the second-highest in their history, indicating a growing interest in crypto from institutional investors. The following day, they continued this trend by accumulating $488.1 million worth of assets, equivalent to 6,855 BTC.
Although BlackRock’s IBIT ETF has been leading the way, Fidelity has emerged as the frontrunner in the recent resurgence. On June 4, Fidelity brought in $378 million compared to BlackRock’s $274 million, and on the following day, Fidelity added $220 million while BlackRock gained $155 million. Among the smaller ETFs, Ark performed the best, attracting $71.4 million in investments.
In a significant development, Grayscale has stabilized its assets after a period of outflows. While there were only five days of outflows in the past 12 days, Grayscale saw $14.6 million in inflows on the most recent day, down from the $28 million recorded earlier.
Despite recent fluctuations, IBIT has surpassed GBTC to become the largest Bitcoin ETF, with BlackRock managing $20.146 billion in assets under management, slightly above Grayscale’s $20.122 billion.
Interestingly, the increase in ETF investments comes amidst a decline in Google search interest for ‘Bitcoin ETF,’ with a score of 1 on Google Trends, compared to ‘Bitcoin,’ which received a score of 31. However, the search term ‘onchain’ has reached a new high of 100, suggesting a growing interest in blockchain applications beyond speculation.
Bitcoin is currently trading at $71,134, showing little movement despite the renewed interest in ETFs. The cryptocurrency attempted to break past $71,700 on Wednesday but was quickly rejected. This price stagnation aligns with the broader cryptocurrency market, which has been consolidating for several weeks.