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 influx of funds into Bitcoin ETFs, the price of Bitcoin has remained relatively stable, increasing by less than 1% in the last day and trading slightly above $71,000. The overall market has been trading sideways.
After a period of uncertainty, spot Bitcoin ETFs have regained momentum and are acquiring a substantial amount of BTC. In the past two days, these ETFs have accumulated over $1.4 billion in net flows, indicating a renewed interest in the cryptocurrency.
On June 4, Bitcoin ETFs received $886 million, marking the second-highest single-day inflow in their history. This surge in investments signals a growing appetite for crypto among institutional investors. The following day, ETFs continued to perform well, gathering $488.1 million worth of assets, equivalent to 6,855 BTC.
While BlackRock’s IBIT ETF has been leading the way, Fidelity has emerged as a strong competitor, surpassing BlackRock in recent days. On June 4, Fidelity brought in $378 million compared to BlackRock’s $274 million, and on the following day, Fidelity attracted $220 million while BlackRock received $155 million. Among the smaller ETFs, Ark’s performance stood out with $71.4 million in inflows.
Grayscale has also shown signs of stabilization, recording inflows on 12 out of the last 17 days. The recent inflow of $14.6 million contrasts with the substantial outflows of $124.3 million, $31.1 million, and $105.2 million in previous instances.
With BlackRock gaining momentum and Grayscale experiencing fluctuations, IBIT has become the largest Bitcoin ETF, surpassing GBTC in terms of assets under management. BlackRock currently manages $20.146 billion, slightly ahead of Grayscale’s $20.122 billion.
Despite a decrease in search interest for ‘Bitcoin ETF’ on Google, the influx of funds into ETFs continues to rise. On the other hand, the search interest for ‘onchain’ has reached a new high, indicating a growing curiosity in blockchain technology beyond speculation.
Bitcoin is currently trading at $71,134 and has not capitalized on the renewed interest in ETFs. The cryptocurrency has been trading sideways, failing to break past $71,700. This trend aligns with the consolidation phase that most cryptocurrencies have been experiencing in recent weeks.