In the last two days, Bitcoin ETFs have seen a significant increase in inflows, totaling $1.4 billion, and have experienced 17 consecutive days of positive net flows. Fidelity has outperformed BlackRock in the past day, bringing in $220 million.
Despite the surge in ETF activity, Bitcoin has shown minimal response, with less than a 1% increase in the last day, trading slightly above $71,000 as the overall market remains relatively stagnant.
After a period of uncertainty, spot Bitcoin ETFs are back in action, acquiring thousands of BTC. While they have accumulated over $1.4 billion in net flows in the past two days, the price of Bitcoin itself has remained largely unaffected.
On June 4, Bitcoin ETFs recorded the second-highest single-day inflow of $886 million, indicating a strong interest in the cryptocurrency from institutional investors. This marked a 700% increase from the previous day. The momentum continued on June 5, with ETFs gathering $488.1 million worth of assets, equivalent to 6,855 BTC.
BlackRock’s IBIT ETF has been a key player in this resurgence, but Fidelity has taken the lead in recent days. On June 4, Fidelity brought in $378 million compared to BlackRock’s $274 million. The following day, Fidelity continued its success with $220 million, surpassing BlackRock’s $155 million. Among the smaller ETFs, Ark performed the best with $71.4 million in inflows.
Furthermore, Grayscale has stabilized its assets after a period of outflows. Over the past 12 days, outflows occurred on only five days. Yesterday, it received $14.6 million in inflows, down from the $28 million recorded on Tuesday. However, the recent outflows from Grayscale have been significant, with investors withdrawing $124.3 million, $31.1 million, and $105.2 million in the last three instances.
Despite a decrease in search interest on Google for ‘Bitcoin ETF,’ with a score of 1 on Google Trends for global searches, the overall interest in ‘Bitcoin’ remains high at 31. Surprisingly, the search term ‘onchain’ has reached a new record of 100, indicating a growing interest in blockchain technology beyond mere speculation, particularly in areas like tokenization.
Currently, Bitcoin is trading at $71,134 and has not capitalized on the increased interest in ETFs. Following a brief attempt to break past $71,700 on Wednesday, the cryptocurrency has remained relatively stable. This price movement is consistent with the broader market trend, as most cryptocurrencies have been in a consolidation phase for several weeks.