US Spot Bitcoin ETFs record second-best day after hitting 2-week high

On June 4, US spot Bitcoin exchange-traded funds (ETFs) recorded a total inflow of $886.6 million.

This marks the highest net income seen by the fund since March 12, when it hit a record $1.04 billion. In particular, Bitcoin reached an intraday high of $73,679 on March 13.

Loyalty leads with $378M in revenues.

According to data from Farside Investors, Fidelity's FBTC ETF led the way with $378 million in revenue. BlackRock's IBIT followed with $274 million in inflows, while the ARK 21Shares Bitcoin ETF ( ARKB ) was the third best performer at $138.7 million.

Grayscale GBTC managed $28 million in inflows, known for its significant expenses, in the seventh example of positive inflows since switching from a closed-end fund to a spot ETF in January.

GBTC saw more than $17.8 billion in net inflows, mostly due to higher management fees of 1.5% and reduced discounting, which led to many holders exiting. According to Apollo Bitcoin Tracker, the Greyscale Bitcoin Fund initially held 620,000 BTC ETFs at launch, but this has since fallen to 285,481 BTC, worth $20.2 billion.

Meanwhile, Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree and Hashdex saw no interest on June 4, each recording no inflows.

Bitcoin returns $70,000

As the US saw strong demand for Bitcoin exchange traded funds (ETFs), BTC crossed the $70,000 mark. According to CoinGecko data, at the time of writing, Bitcoin is trading at only $71,000, which represents an increase of 3.1% in the last 24 hours.

Bloomberg ETF analyst Eric Balchunas commented on the development, which highlighted the high activity from Fidelity. Emphasizing the company's dynamic position, he said that in the last four weeks, an accumulated flow of 3.3 billion dollars was found, which brought the net income up to 15 billion dollars for the year. Balchunas observes that the phenomenon that was first described as the ‘Third Wave' is now turning into a terrifying tidal wave.

Loyalty isn't messing around, with big-time inflows for The Ten today, totaling nearly $1b. The second best day, from mid-March. $3.3B in last 4 weeks, net YTD at $15b (which was our 12mo est peak.) The ‘Third Wave' is turning into a tidal wave.

— Eric Balchunas (@EricBalchunas) June 5, 2024

ETF Warehouse President Nate Geraci expressed his surprise at the nearly $900 million inflow, “Five months after launch. I was told several months ago that all the ‘backed retail' investors who wanted to buy had done so and no one was left. How can this be? “

The overall spot Bitcoin ETFs market also recently reached a milestone on May 24, when all ETFs together held more than one million BTC, the majority of which was allocated to US commodities among the 32 ETFs available globally.