US-based spot Bitcoin exchange-traded funds (ETFs) are experiencing a surge in investor interest, recording their second-best day for net inflows ever. Here’s a breakdown of the key points:
Preliminary data shows a combined net inflow of $886.6 million for US spot Bitcoin ETFs on June 4th. Fidelity Wise Origin Bitcoin Fund (FBTC) led with $378.7 million, followed by BlackRock’s iShares Bitcoin ETF (IBIT) at $274.4 million. ARK 21Shares Bitcoin ETF (ARKB) also saw significant inflows of $138.7 million.
Grayscale Bitcoin Trust (GBTC), which recently converted to a spot ETF, also experienced a rare inflow day, netting $28.2 million. However, GBTC’s high management fees deter some investors compared to lower-fee ETFs.
Several Bitcoin ETF issuers, including Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex, did not record any inflows on June 4th.
This surge in inflows challenges claims that there would be minimal demand for Bitcoin ETFs. Industry analysts like Nate Geraci (ETF Store) and Eric Balchunas (Bloomberg) are highlighting the significant investor interest.
What it means? The popularity of US spot Bitcoin ETFs suggests the growing mainstream adoption of Bitcoin as an investable asset. Competition among issuers drives down fees, potentially making Bitcoin ETFs more attractive to investors.
