BlackRock’s IBIT regains lead as Spot Bitcoin ETFs continue their entry streak

Yesterday, June 6, nearly $220 million was once again poured into Bitcoin ETFs on the site, extending the consecutive inflow streak to 18 consecutive trading days.

BlackRock’s IBIT had relinquished its top spot in terms of daily inflows, but $350 million was inserted yesterday, while the former leader, Fidelity’s FBTC, only gained $3.1 million dollars

May 10 was the last trading day in which all 11 Bitcoin ETFs saw exits, mainly driven by Grayscale’s GBTC. At the time, $103 million was pulled from Grayscale’s converted ETF, while total outflows from all ETFs stood at $84.7 million, according to Farside data.

The picture has been completely different since then, as the most obvious reason for the change in opinion could be attributed to US inflation data.

June 4 marked the second highest day in terms of receipts, with $886.6 million. Figures for June 5 stood at $488.1 million and yesterday at $217.7 million.

In four of the last five trading days (excluding yesterday), Fidelity’s FBTC had become the go-to spot for investors, beating BlackRock’s IBIT in terms of top inflows.

However, that changed yesterday when IBIT attracted $349.9 million, while FBTC only received $3.1 million. Grayscale’s GBTC, which has seen massive outflows since its conversion from a closed-end fund to a cash ETF, saw $37.6 million taken out.

However, the Ark Invest ETF had the largest amount withdrawn. The day’s outflows were close to $100 million for the second time in the past 10 days.

Despite global positive inflows of $217.7 million and the impressive run ETFs have had, the price of the underlying asset didn’t make much of a move yesterday.

BTC stopped before $72,000 on Wednesday and even dipped to $70,200 yesterday. Now, however, the cryptocurrency is trading above $71,000, down just 0.6% on the past day and up 4% on the week.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!