• U.S. spot bitcoin ETFs saw a three-day streak of inflows, accumulating $303 million on Wednesday, May 15th
• Fidelity’s FBTC led the day by attracting $131 million in inflows, while Grayscale’s GBTC recorded $27 million in inflows
• GBTC remains the largest U.S. spot bitcoin ETF with 28,933,691 BTC holdings, followed by Blackrock’s IBIT with 27,475,514 BTC
U.S. spot bitcoin exchange-traded funds (ETFs) performed well on Wednesday, completing a three-day streak of inflows and accumulating $303 million in gains on May 15.
ICYMI: Spot #Bitcoin ETFs saw $303 million in inflows yesterday
— BlockNews.com (@blocknewsdotcom) May 16, 2024
FBTC Leads the Pack on Wednesday, GBTC Pulls in Another Day of Inflows
Spot bitcoin ETFs traded in the U.S. have shown strong performance this week, with three consecutive days of inflows. This three-day streak followed two modest days of outflows last week.
On Monday, the group of ETFs experienced $66 million in positive inflows and $122 billion in trade volume. Tuesday recorded $100.5 million in net inflows and $977 million in volume.
Wednesday’s activity pushed the week even higher, with a total of $303 million in positive inflows, according to figures from coinglass.com. GBTC recorded another day of gains with $27 million in inflows, but Fidelity’s FBTC led the day by attracting $131 million.
Other ETFs saw modest inflows, while IBIT recorded no inflows and BITB gathered nearly $87 million during the trading sessions. As of Wednesday morning, GBTC held 28,933,691 BTC, while the firm reported a total of 28,849,765 BTC held in reserves.
GBTC’s reserve figure may see a slight increase with tomorrow’s GBTC website reserve update. GBTC remains the largest US spot bitcoin ETF, followed by IBIT with 27,475,514 BTC in holdings.
FBTC holds 15,574,478 BTC at press time and Ark Invest‘s ARKB fund contains 46,280 BTC. Bitwise’s BITB fund secures approximately 3,541,653 BTC in reserves today. The recent inflow trends among US spot bitcoin ETFs highlight a competitive landscape, with different funds experiencing varying levels of success since they launched in January.
Conclusion
The inflows the US spot bitcoin ETFs obtained on Wednesday demonstrate continued investor interest in this new asset class. As more funds enter the market and compete for inflows, it will be interesting to see if any single ETF can dominate or if the assets will remain fragmented across providers. The growth of bitcoin ETFs marks an important step in the maturation and mainstream adoption of crypto assets.
