US Spot Bitcoin ETFs Experience Positive Turnaround with $101 Million in Net Inflows After Recent Outflows
After facing two days of net outflows, U.S. spot Bitcoin exchange-traded funds (ETFs) bounced back on Wednesday, recording net inflows of $100.9 million.
This comeback follows a record-breaking 19-day streak of inflows before encountering setbacks earlier this week.
Leading the pack, Fidelity’s FBTC saw an impressive net inflow of $51 million, followed by BlackRock’s IBIT with $16 million, and Bitwise’s BITB with $15 million.
According to data from SosoValue, VanEck’s HODL and Ark Invest’s ARKB also experienced net inflows of $12 million and $9 million, respectively.
However, Grayscale’s GBTC reported zero net flows, maintaining its trend of outflows that began in January. WisdomTree and Invesco’s other funds did not report net inflows either. In total, the 11 spot Bitcoin ETFs have accumulated $15.52 billion in net inflows since inception.
The return to net inflows coincided with significant economic reports from the United States, including the Consumer Price Index (CPI) for May showing no increase, hinting at a potential slowdown in inflation.
Despite this, the Federal Open Market Committee (FOMC) decided to keep the current interest rate of 5.25% to 5.50% after its Wednesday meeting.
The Federal Reserve has forecasted only one rate cut for 2024 as it remains unconvinced that the deflationary trend is fully established.
*This is not investment advice.
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