Daily spot bitcoin ETF inflows top $100 million as ARKB overpowers GBTC

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The Block2024/05/15 09:31

By:Adam James

Spot bitcoin exchange-traded funds in the United States returned to a daily net inflow of over $100 million yesterday.Approximately $133 million flowed into ARKB as GBTC witnessed another $51 million flow out of the product.

Spot bitcoin exchange-traded funds in the United States returned to a daily net inflow of over $100 million yesterday as inflows into the ARK 21 Shares Bitcoin BTC +0.32% ETF (ARKB) overpowered the usual outflows from the Grayscale Bitcoin Trust.

According to data from SoSo Value, approximately $133 million flowed into ARKB, bringing its cumulative net inflow to $2 billion. Conversely, GBTC witnessed another $51 million flow out of the product, bringing its cumulative net outflows to $18 billion.

The Fidelity Wise Origin Bitcoin Fund, Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust, Valkyrie Bitcoin Fund and Franklin Bitcoin ETF also all saw net inflows, while the rest — including BlackRock's iShares Bitcoin Trust — recorded no net inflows.

To date, roughly $11.84 billion in cumulative net inflows have entered the U.S.-listed spot bitcoin ETFs.

However, spot bitcoin ETF volumes have continually and steadily declined since peaking on March 5, as evidenced by The Block's Data Dashboard .

In related news, former Blackrock Bitcoin ETF lead Salim Ramji has joined Vanguard — which had historically taken an inactive approach to bitcoin ETFs — as its new CEO.

Additionally, the State of Wisconsin's Investment Board disclosed that it holds roughly $163 million in spot bitcoin ETFs.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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