U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a second day of inflows, capturing $21.52 million on Thursday. Leading the gains was Fidelity’s FBTC, which saw a significant increase of $19 million. Grayscale’s GBTC also performed well, with a $4 million increase, while Vaneck’s HODL gathered $3 million in inflows.
Out of the 11 spot Bitcoin ETFs, only three recorded gains. Blackrock’s IBIT and several others such as BITB, BTCO, BRRR, EZBC, BTCW, and DEFI had neutral days with no significant changes. The cumulative total net inflow now stands at $14.44 billion, although trading volume on Thursday was lower than usual, totaling $925.76 million in swaps. In terms of Bitcoin reserves, these ETFs hold approximately $52.61 billion in net asset value (NAV).
This modest influx in U.S. spot Bitcoin ETFs, particularly driven by Fidelity’s FBTC, highlights a growing confidence in Bitcoin despite recent market fluctuations. Over the past 30 days, the spot price of Bitcoin has decreased by 10.4% against the U.S. dollar, yet investor interest in these ETFs appears resilient.
The ongoing investment into Bitcoin ETFs, even amidst price volatility, suggests that market participants see long-term potential in Bitcoin. The significant inflows into ETFs like FBTC and GBTC indicate a strong belief in the value and future of Bitcoin as a digital asset.
