The spot Bitcoin exchange-traded funds (ETFs) based in the United States have just experienced the second-highest combined net inflow day ever, with early figures showing an inflow of $886.6 million.
Data from Farside Investors revealed that the Fidelity Wise Origin Bitcoin Fund (FBTC) led the way with an inflow of $378.7 million, followed closely by Blackrock’s Bitcoin ETF (IBIT) with $274.4 million. The ARK 21Shares Bitcoin ETF (ARKB) followed in third place, attracting $138.7 million in net inflows.
Additionally, Farside data indicated that the Grayscale Bitcoin Trust (GBTC) saw a rare inflow day, bringing in $28.2 million. This marks the seventh inflow day for GBTC since its transition from a closed-end fund to a spot ETF in January.
Despite facing over $17.8 billion in net outflows, GBTC’s high management fee of 1.5% has been cited as a reason for this. In comparison, the BlackRock fund charges 0.25% and even lower fees are offered by other competitors, including fee waivers.
However, the Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex did not see any demand, with no flows recorded for June 4 by each issuer.
Overall, June 4 marked the highest net inflow day for these funds since March 12, with over $1.05 billion in total net inflows recorded for the ten Bitcoin ETF issuers.
Nate Geraci, president of ETF Store, responded to Bitcoin critics, questioning claims that the Bitcoin ETFs would have minimal demand. Meanwhile, Bloomberg ETF analyst Eric Balchunas noted significant flows for the top ten Bitcoin ETFs, excluding Hashdex’s.
In other news, Hashdex’s Bitcoin ETF (DEFI) entered the market later than other issuers and has struggled to attract inflows. Earlier, on May 3, the U.S.-based spot Bitcoin ETFs saw 15 consecutive sessions of net inflows, helping BlackRock’s iShares Bitcoin Fund (IBIT) exceed $20 billion in assets under management for the first time.
According to Balchunas, the ETFs have attracted approximately $2.4 billion in new money over the past month, making it the third-largest net inflow across the entire ETF market. This resilience after recent selloffs demonstrates the staying power of these funds.
Despite a slowdown in inflows in April and some negative days, experts reassured that this was a normal phenomenon following the initial excitement over the launch of spot ETFs.
In other news, Australia’s first spot Bitcoin ETF is set to go live on Tuesday.