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Spot Bitcoin ETFs: What’s Behind the Surge in Inflows?

Spot Bitcoin ETFs: What's Behind the Surge in Inflows?

  • Spot bitcoin ETFs in the US see $66M net inflows.
  • Fidelity’s Wise Origin Bitcoin Fund leads with a $39M inflow.

Spot bitcoin exchange-traded funds (ETFs) in the United States witnessed a notable uptick in total net inflows, reaching nearly $66 million in a single day. This surge propelled the cumulative total net inflow of these products since their listings to an impressive $11.75 billion.

Leading the charge was Fidelity’s offering, the Fidelity Wise Origin Bitcoin Fund, which attracted a substantial $39 million in one-day net inflows, according to data from SoSo Value. Bitwise Bitcoin ETF (BITB) and VanEck Bitcoin Trust ETF (HODL) also contributed to this influx with $20 million and $7 million respectively.

However, the picture was not uniformly positive across all ETFs. Notably, Grayscale’s converted Bitcoin Trust (GBTC), despite boasting a cumulative net outflow of around $18 billion, failed to register any significant net flows during this period.

Although yesterday’s surge marked the highest volume for spot bitcoin ETFs since the beginning of the month, the overall trend remains downward. 

Deeper Analysis

Across the Pacific, Hong Kong’s bitcoin ETFs experienced a contrasting scenario, with net outflows reported on 535 BTC. This development, according to K33 Research senior analyst Vetle Lunde, pushed the region’s aggregated bitcoins under management back below its seed BUM.

The latest figures also revealed a positive shift in BTC ETF net inflow on May 13, 2024, following two consecutive days of negativity. While none of the ETFs experienced outflows, a substantial portion, including Grayscale and BlackRock, recorded zero flows.

Nevertheless, data over the last 30 trading days paints a more nuanced picture, indicating a net outflow of $297 million across the 10 Bitcoin ETFs, with outflows observed on 17 of those days.

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