Fidelity’s FBTC leads the pack as US Bitcoin Spot ETFs break negative streak

Local US Bitcoin ETFs finally reversed their streak of net outflows, bringing in $31 million in net inflows. This positive change followed a seven-day period of continuous net outflows in almost all funds.

Three funds attracted inflows, two experienced outflows and the rest recorded no flows during the day.

US Bitcoin ETFs Break Out All Week

According to data compiled by SoSoValue, Fidelity’s FBTC led the way with inflows of $49 million, followed by Bitwise’s BITB, which reported $15 million. VanEeck’s HODL also saw net inflows of $4 million.

However, not all funds experienced positive movements. Grayscale’s GBTC handled $30.3 million in net outflows, while 21Shares’ ARK Invest and ARKB recorded $6 million in net outflows.

Interestingly, BlackRock’s IBIT, which happens to be the largest spot Bitcoin ETF in terms of net asset value, did not see net flows again despite a significant daily trading volume of $1.1 billion.

Following IBIT’s demand were other funds such as BTCO, BRRR, EZBC and BTCW, managed by Invesco and Galaxy Digital, Valkyrie, Franklin Templeton and WisdomTree, respectively, which also reported zero net flows for the day.

The data further suggests that the 11 spot ETFs have attracted total net inflows of more than $14.4 billion to date.

All Eyes on Spot Ether ETF

It’s been almost six months since Bitcoin ETFs started trading. But their Ether counterparts have yet to hit the ground running. Experts had previously thought of a possible launch in July, but the US Securities and Exchange Commission (SEC) has been extremely open-minded.

SEC chief Gary Gensler also refrained from sharing a timeline, but did update that the process of localizing the Ether ETF in the US is “going smoothly.” During a Bloomberg conference call, Gensler reiterated his earlier statement that the final registration steps, known as S-1 filings, are currently being handled at the staff level.

The securities watchdog gave the green light to the 19b-4 filings of eight ETF bidders on May 23, but the asset managers are still working on their S-1 form, which represents the final requirement for the ‘approval before trading.

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