In the last 48 hours, Bitcoin ETFs have seen a surge in inflows totaling $1.4 billion and have maintained positive net flows for 17 consecutive days. Fidelity has outperformed BlackRock, bringing in $220 million in inflows in the past day.
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 market as a whole has been trading sideways.
After a period of little activity, interest in spot Bitcoin ETFs has been reignited, leading to significant accumulation of BTC. Despite the impressive $1.4 billion in net flows over the past two days, the price of Bitcoin has not been impacted.
On June 4, Bitcoin ETFs attracted $886 million, the second-highest daily inflow in their history, indicating a growing interest in crypto from institutional investors. The following day, inflows continued with $488.1 million, equivalent to 6,855 BTC.
While BlackRock’s IBIT ETF has been performing well, Fidelity has been the standout performer in the resurgence of Bitcoin ETFs. Fidelity brought in $378 million on June 4 compared to BlackRock’s $274 million, and followed up with $220 million the next day, leading BlackRock’s $155 million. Ark’s ETF also saw significant inflows of $71.4 million.
Grayscale, once the largest ETF, has seen a stabilization in its outflows, with only five days of outflows in the past 12 days. However, when outflows have occurred, they have been substantial. In the last three outflows, investors withdrew $124.3 million, $31.1 million, and $105.2 million respectively.
Despite a decrease in search interest for ‘Bitcoin ETF’ on Google, the influx of funds into ETFs continues. ‘Bitcoin’ remains a popular search term, while ‘onchain’ has reached a new high of 100, indicating a growing interest in blockchain applications beyond speculation.
At the time of writing, Bitcoin is trading at $71,134 and has not seen significant price movement despite the renewed interest in ETFs. The overall market has been consolidating for weeks, with most cryptocurrencies experiencing similar sideways trading patterns.