Spot Bitcoin ETFs Regain Interest, Posting $418M in Net Income
Fresh capital is flowing into US spot bitcoin (BTC) exchange-traded funds (ETFs) following a five-day streak of net outflows.
Led by strong inflows into BlackRock and Fidelity funds, the 10 most recently approved position Bitcoin ETFs saw a combined net inflow of $418 million as of March 26, according to data from Farside Investors.
Fidelity's fund posted its biggest daily inflow since March 13, earning $279.1 million on March 26 — when the investment giant raised an additional 4,000 BTC. This is the second day in a row that the fund has flown more than $260 million.
In addition, the BlackRock fund attracted an inflow of $162.2 million. However, daily revenue was lower than the flow earlier this month, which averaged more than $300 million per day.
The Ark 21Shares Bitcoin ETF had its best day since March 12, with $73.6 million in inflows, while Invesco Galaxy, Franklin Templeton and Valkyrie all brought in more than $26 million in their respective funds.
Meanwhile, Greyscale's Bitcoin Trust (GBTC) continued to bleed – posting a daily inflow of $212 million. But it wasn't enough to weigh net flows from competitors.
After switching from trust to ETF on January 11th, Grayscale poured in a whopping 277,393 BTC, worth around $19.5 billion at current prices.
Related: Hashdex New Bitcoin ETF to Start US Trading on Wednesday
In a March 26 post for X, Bloomberg senior ETF analyst Eric Balchunas noted the presence of Bitcoin ETFs in the chart of the largest 30 asset funds in the first 50 trading days.
Four bitcoin ETFs have made the list of global funds, with BlackRock's IBIT and Fidelity's FBTC “in a league of their own,” he shouts.
Balchunas even explained that the Bitwise Bitcoin ETF (BITB) – currently the 18th-largest Bitcoin ETF with assets under management – was more than the world's largest SPDR Gold Shares (GLD) fund.
Crypto asset management firm Hashdex now trades under the ticker DEFI after announcing that it is the 11th largest bitcoin ETF issuer in the U.S. on March 26, and announced that it has switched its futures fund to a one-stop product.
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