Spot bitcoin ETFs report $302 million inflows led by Fidelity’s FBTC

Spot bitcoin exchange-traded funds in the U.S. recorded a total daily net inflow of $302.97 million on Wednesday, the largest since May 3.

Fidelity’s FBTC led the inflows with $131 million worth of daily inflows, followed by Bitwise fund’s $86 million, according to SoSoValue data . Ark Invest and 21Shares’ ARKB drew in $39 million, while bitcoin ETFs managed by Valkyrie, VanEck, Franklin Templeton, WisdomTree, and both Invesco and Galaxy Digital reported single-digit net inflows.

Meanwhile, Grayscale’s GBTC, the largest spot bitcoin fund in terms of net asset value, recorded its third-ever net inflows yesterday, bringing in $27 million. BlackRock, the second largest, recorded zero flows.

“The large inflows suggest that investment advisors and hedge fund managers consider BTC ETFs a unique hedge, providing diversification benefits that traditional asset classes cannot offer,” Rachael Lucas, crypto analyst at BTC Markets, told The Block.

“Despite recent fluctuations, the cumulative net inflow of $12 billion since their debut in January highlights continued attractiveness of these financial instruments,” Lucas added.

As of Wednesday, the 11 spot bitcoin ETFs in the U.S. have seen $12.15 billion worth of cumulative net inflows. However, trading volume on the ETFs has been in a steady decline since peaking in March, according to The Block's Data Dashboard . 

The price of bitcoin rose 6.65% in the past 24 hours to $66,081 at the time of publication, according to The Block’s price data .

On Wednesday, New York-based hedge fund Millennium Management revealed that it held $1.94 billion worth of shares in five spot bitcoin ETFs, as of March 31. Its largest allocation was in BlackRock’s IBIT, roughly around $844 million.