Bitcoin ETFs record second-best inflow day since March, $886.6m added

US-based spot Bitcoin exchange-traded funds (ETFs) had their second-best joint day of net inflows ever, with preliminary data pointing to an inflow of $886.6 million.

According to data from Farside Investors, Fidelity Wise Origin Bitcoin Fund (FBTC) led the way with inflows of $378.7 million, followed by Blackrock’s Bitcoin ETF (IBIT) with $274.4 million.

ARK 21Shares Bitcoin ETF (ARKB) was the third best performer, bringing in net inflows of $138.7 million.

Bitcoin ETF Flow (million USD) – 2024-06-04

TOTAL NET FLOW: 886.6
(Temporary data)

IBIT: 274.4
FBTC: 378.7
ICT: 61
ARKB: 138.7
BTCO: 0
EZBC: 0
BRRR: 1.6
WAITING: 4
BTCW: 0
GBTC: 28.2
DEFI: 0

For full data and disclaimers, visit: https://t.co/4ISlrCgZdk

— Farside Investors (@FarsideUK) June 5, 2024

Farside data also showed that Grayscale Bitcoin Trust (GBTC) had a rare inflow day, netting $28.2 million. This marks the seventh day of inflows into GBTC since its conversion from a closed-end fund to a spot ETF in January.

GBTC faced a net outflow of over $17.8 billion; This is attributed to its high management fee of 1.5%, compared to 0.25% for the BlackRock fund, and even lower, including fee waivers, at rivals.

Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex did not see any demand, and each issuer did not record any flows for June 4.

Overall, for the ten Bitcoin ETF issuers, Tuesday, June 4, marked the highest net inflows into these funds since March 12, when total net inflows were over $1.05 billion.

ETF Shop president Nate Geraci responded to Bitcoin critics on X, addressing claims that Bitcoin ETFs will see minimal demand.

“A few months ago I was told that all ‘degen retail’ investors who wanted to buy had already done so. [and] there was no one left,” Geraci wrote. “How can this be?”

Meanwhile, Bloomberg ETF analyst Eric Balchunas also went to X, noting that there was “huge flow everywhere for The Ten today,” referring to Bitcoin ETFs outside of Hashdex.

Loyalty isn’t messing around, there’s a huge influx for The Ten everywhere today, around $1bn in total. Second best day ever since mid-March. $3.3 billion in the past 4 weeks, net YTD of $15 billion (this was the high end of our 12-month forecast). The ‘third wave’ is turning into a tidal wave. https://t.co/S9yeSHaNbV

— Eric Balchunas (@EricBalchunas) June 5, 2024

Hashdex’s Bitcoin ETF (DEFI) entered the market months after other issuers and has struggled to attract inflows.

Previously, on May 3, US-based spot Bitcoin ETFs recorded 15 consecutive sessions of net inflows. This increase, combined with the rise in Bitcoin price, helped BlackRock’s iShares Bitcoin Fund (IBIT) surpass $20 billion in assets under management for the first time.

ETFs attracted about $2.4 billion in new money last month, according to Balchunas. This would be the third largest net inflow in the entire ETF market.

“The ability to bounce back with renewed interest after a few bad sell-offs is rare for hot sauce type strategies,” Balchunas said on X.[It] “It shows the strength to endure.”

After the initial excitement around the launch of spot ETFs, inflows slowed significantly in April and even turned negative for several days, experts said. Experts said this is quite normal.