US spot Bitcoin exchange-traded funds (ETFs) saw net inflows of $147.37 million on Wednesday, marking the fourth day in a row of positive funds flows.
US Spot Bitcoin ETFs Draw $147 Million in Net Inflows, Extending Positive Streak to Four Days
Fidelity’s FBTC led inflows with $57.79 million, according to SoSoValue data. Franklin Templeton’s spot bitcoin fund followed with $31.66 million, its biggest inflow since early May.
BlackRock’s IBIT, the spot Bitcoin fund with the highest net asset value, reported net inflows of $22.24 million, while Valkyrie’s BRRR reported $20.68 million.
Invesco and Galaxy Digital’s BTCO also reported inflows of around $9.5 million. Funds from Ark Invest and 21Shares, Bitwise and VanEck saw smaller net inflows.
However, Grayscale’s GBTC, the second-largest bitcoin ETF, was the only fund to report a net outflow of $8.15 million.
A total of $1.25 billion worth of transactions were made in 11 spot Bitcoin funds on Wednesday.
Despite this, trading volume in spot Bitcoin ETFs remained significantly lower compared to March and April of this year, when over $12 billion were traded each day. There has been a total of $15.42 billion in net inflows into ETFs since January.
While it has recovered somewhat from last week’s decline, it remains significantly below the over-$70,000 price range in early June.
Crypto investors, Mt. Gox payment distributions and the German government’s Bitcoin sales continue to face market uncertainties.
Meanwhile, Matt Hougan, chief investment officer of crypto asset manager Bitwise, predicted that bitcoin could potentially reach $100,000 by the end of the year.
Hougan cited factors such as changing political attitudes towards bitcoin and possible interest rate cuts by the US Federal Reserve as possible drivers of this optimistic outlook.
*This is not investment advice.
