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Spot Bitcoin ETFs Net Inflow is Hitting High; Who is the Catalyst?

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On June 7, the total net inflow of spot Bitcoin ETFs was recorded at $130.99 Million, with over $15.69 Billion in cumulative total net inflow. BlackRock ETF IBIT acted as a catalyst and documented a single-day net inflow of $168 Million.      

Spot Bitcoin ETFs’ Outstanding Performance

Wu Blockchain highlighted the outstanding spot Bitcoin ETF performance on June 7. The daily total net inflow was recorded at $130.99 Million, $15.69 Billion in cumulative total net inflow, and $2.54 Billion in total traded value. 

Since the launch date, spot Bitcoin ETF has held a market cap of $62.87 Billion and $54.35 Billion in total assets under management (AUM).  

IBIT and Ark Investment ETF (ARKB) played a crucial role in booming the single-day net inflow. IBIT documented a one-day net inflow of $168 Million and $18 Billion in cumulative net inflow.

ARKB, alternatively, recorded a net inflow of $7 Million and $3 Billion in cumulative net inflow on June 7. It showcases that investors and traders are investing more in IBIT and ARKB than other ETFs.

Grayscale, another prominent spot Bitcoin ETF provider, registered a net outflow of $36 Million and $18 Billion in cumulative net outflow on the same day. Investors are selling their Grayscale ETF (GBTC) shares, indicating a decline in investor interest in GBTC.        

Comparison of Grayscale & BlackRock ETFs

Grayscale and BlackRock are two prominent players in the spot Bitcoin ETF, holding over $320.76 Million and $522.68 Million in shares outstanding, respectively. IBIT has shown an effective performance when compared to GBTC.

According to Coinglass data, IBIT was currently trading at $39.42 with a market cap of $20.60 Billion and $1.43 Billion in volume. Since the day of spot Bitcoin ETF approval, IBIT has recorded an outflow of $38.68 Million on May 1 and $3.06 Million on May 7. 

Bitcoin

IBIT Net Inflow I Source: Coinglass 

In addition, BlackRock recorded highs in new inflow with $856.53 Million on March 12, showcasing investors’ interest in IBIT shares purchase.   

At press time, GBTC was trading at $61.48 with a market cap of $19.72 Billion and $429.75 Million in volume. Additionally, GBTC rarely experienced net inflows, with the highest new inflow of $64.11 Million on May 6. 

Bitcoin

GBTC Net Inflow I Source: Coinglass

The red lines in the graph indicate a high rate of the daily net outflow, with $618.16 Million documented on March 19. Investors are withdrawing their investments from GBTC, and higher share prices could be one of the major reasons.      

Spot Bitcoin ETFs History & Bitcoin Performance 

Spot Bitcoin ETFs of 11 companies were authorized by the Securities and Exchange Commission (SEC) on January 10. It helped investors and traders trade the BTC asset on exchanges without making an actual asset purchase.  

At press time, BTC was hovering at $69,410.32 after an intraday drop of 2.53% and a $1,368,122,976,861 market cap.   

Disclaimer

The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.

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