- 1 June 3 marks the 15th consecutive day with positive net inflows for Bitcoin Exchange Traded Funds (ETFs) in the USA.
- 2 There could be several reasons that might lead to an increase in inflow in BTC ETFs amid all the buzz around the crypto ETF market.
- 3 The delay in the launch of the ETH ETF has also led to an increase in inflows into BTC ETFs.
In the last fifteen trading days, all the Bitcoin Exchange Traded Funds have collectively experienced net inflows ranging from $0 to $305.7 Million without a single day of net outflows.
The month of May has been very volatile for the BTC ETF market, as it has seen the day with the highest outflows since the initiation on May 1, with a net outflow of $563.7 Million.Moreover, towards the end of the month, it secured the largest streak of inflows so far.
On June 3, Bitcoin ETFs collectively experienced an inflow of $105.1 Million, primarily contributed by Fidelity’s FBTC. The details of each BTC ETF instrument on June 3 in Million USD are shown in the table below.
| Date | Jun 3, 2024 |
| IBIT | 0.00 |
| FBTC | 77.0 |
| BITB | 14.3 |
| ARKB | 10.7 |
| BTCO | 0.00 |
| EZBC | 0.00 |
| BRRR | 0.00 |
| HODL | 2.00 |
| BTCW | 1.00 |
| GBTC | 0.00 |
| Total | 105.1 |
Source: Farside Investors; the data presented in the above table is taken from Farside Investors
Inflows in the Last 15 Days
The BTC ETF instruments had a total net inflow of approximately $2.580 Billion in the last fifteen days, as per the data from Farside Investors.
Source: Farside Investors; the data presented in the above table is taken from Farside Investors
In the streak, the highest inflows were recorded on May 21, with a significant inflow of $305.7 Million primarily driven by an inflow of $290 Million in BlackRock’s iShares Bitcoin Trust (IBIT). It has experienced a single outflow since the beginning of trading on January 11, with an AUM of $3.5 Trillion as of December 31, 2023, and a net asset of funds over $20 Million as of June 3, 2024.
IBIT, FBTC, BTCO, EZBC, BRRR, and BTCW did not experience any outflow in the last 15 days. Whereas BITB and ARKB had a single outflow in the outflow, and HODL had outflows twice.
Despite the trend of inflows in BTC ETFs, Grayscale’s GBTC has experienced a net outflow of over $265 Million. In the last fifteen trading sessions, GBTC had 6 days of outflows, and the rest of the sessions have experienced inflows or 0 transactions.
The highest outflows for GBTC were recorded on May 31 at $124.3 Million, while the highest inflow for GBTC in the same period was $31.6 Million.
Delay in Approval of ETH ETF
It was previously reported that approval and launch of trading in ETH ETF in the US Market might lead to an outflow in BTC ETF by 10-15% as the funds were expected to have a transfer from BTC ETF to ETH ETF.
However, the delay in launching the spot ETH ETF is believed to support inflows into the BTC ETF. The ETH ETFs are now expected to experience a maximum delay of around two to three months.
Nate Geraci, president of ETFStore, has recently mentioned that the ETH ETF’s launch period remains uncertain for an extended period, and it will only depend on the SEC now on the tenure that they will buy to approve the ETH ETFs.
Submitting this as yet another piece of evidence on why spot eth ETF approval wasn’t political…
— Nate Geraci (@NateGeraci) June 4, 2024
Here’s SEC Commish Hester Peirce to WSJ (important b/c SEC didn’t comment after 19b-4 approval).
CME-traded eth futures = key, not some 11th hr call from Biden.
via @Vlajournaliste pic.twitter.com/2xwND7lLfC
Furthermore, he also confirmed that approval of ETH ETF was not a political matter, as it was believed to be since the immediate approval. To support his statement, he has shared a note from SEC Commish Hester Peirce, which was written to the Wall Street Journal, stating that the approval was based on the features of commodities rather than connecting to the political elections upcoming in the USA.
