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US Bitcoin ETFs See Strong Inflows as BlackRock Dominates Market
Key Takeaways
US-listed spot Bitcoin exchange-traded funds (ETFs) have experienced positive performance for the fifth consecutive day, attracting approximately $106 million in inflows on Wednesday. In particular, BlackRock’s iShares Bitcoin Trust (IBIT) took the lead with around $184 million in net inflows based on data from Farside Investors.
Competing Bitcoin ETFs Experience Mixed Results
Bitwise’s Bitcoin ETF (BITB) garnered approximately $2 million in new capital on Wednesday. However, Fidelity’s Bitcoin Fund (FBTC) and ARK Invest/21Shares’s Bitcoin ETF (ARKB) faced outflows of around $33 million and $47 million, respectively. On the other hand, Grayscale Bitcoin Trust (GBTC) observed zero flows.
Shift in Investor Trends
Since the conversion of GBTC into an ETF, over $20 billion has been withdrawn from the fund. While significant outflows were initially noted post-conversion, recent weeks have shown a reduction in these outflows. This has coincided with a shift in capital towards other funds, notably BlackRock’s IBIT, leading to sustained inflows across US Bitcoin ETFs for five consecutive trading days. Total net inflows this week have reached approximately $246 million.