United

Bitcoin ETF

Spot

<ul>
 <li>Spot bitcoin ETFs in the US see $66M net inflows.</li>
 <li>Fidelity’s Wise Origin Bitcoin Fund leads with a $39M inflow.</li>
</ul>
Spot bitcoin exchange-traded funds (ETFs) in the United States witnessed a notable uptick in total net inflows, reaching nearly $66 million in a single day. This surge propelled the cumulative total net inflow of these products since their listings to an impressive $11.75 billion.
Leading the charge was Fidelity’s offering, the Fidelity Wise Origin Bitcoin Fund, which attracted a substantial $39 million in one-day net inflows, according to data from SoSo Value. Bitwise Bitcoin ETF (BITB) and VanEck Bitcoin Trust ETF (HODL) also contributed to this influx with $20 million and $7 million respectively.
However, the picture was not uniformly positive across all ETFs. Notably, Grayscale’s converted Bitcoin Trust (<a href="https://www.theblock.co/data/crypto-markets/bitcoin-etf" rel="noopener noreferrer nofollow">GBTC</a>), despite boasting a cumulative net outflow of around $18 billion, failed to register any significant net flows during this period.
Although yesterday’s surge marked the highest <a href="https://thenewscrypto.com/bitcoin-whales-on-the-move-whats-behind-accumulation-tactics/" rel="noopener noreferrer nofollow">volume</a> for spot bitcoin ETFs since the beginning of the month, the overall <a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow">trend</a> remains downward.&nbsp;
<h3 class="wp-block-heading" id="h-deeper-analysis">Deeper Analysis</h3>
Across the Pacific, Hong Kong’s bitcoin ETFs experienced a contrasting scenario, with net outflows reported on 535 <a href="https://thenewscrypto.com/bitcoin-jumps-to-63k-with-mixed-sentiment-whats-btc-next-target/" rel="noopener noreferrer nofollow">BTC</a>. This development, according to K33 Research senior analyst Vetle Lunde, pushed the region’s aggregated bitcoins under management back below its seed BUM.
The latest figures also revealed a positive shift in BTC ETF net inflow on May 13, 2024, following two consecutive days of negativity. While none of the ETFs experienced outflows, a substantial portion, including Grayscale and BlackRock, recorded zero flows.
Nevertheless, data over the last 30 trading days paints a more nuanced picture, indicating a net outflow of $297 million across the 10 Bitcoin ETFs, with outflows observed on 17 of those days.

Spot Bitcoin ETFs: What’s Behind the Surge in Inflows?

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