Spot Bitcoin (BTC) exchange-traded funds (ETFs) registered a net inflow of $45 million on May 28.
This marked 11 consecutive days of positive inflows, even as the Grayscale Bitcoin Trust ETF (GBTC) faced $105.2 million in outflows.
Overall, these ETF products saw an inflow of 632 BTC. The favorable capital movement was driven by BlackRock’s and Fidelity’s offerings, which outweighed the 1,550 BTC outflow from GBTC.
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) saw inflows totaling $102.5 million, the largest for any ETF. Meanwhile, Fidelity’s Wise Origin Fund (FBTC) recorded the second-highest inflow with $34.3 million.
On the same day, the Franklin Bitcoin ETF (EZBC) and VanEck Bitcoin Trust (HODL) reported zero inflows.
The significant outflow from GBTC caused it to lose its position as the largest spot ETF by BTC holdings. This change is due to the higher fees associated with the GBTC ETF compared to other products, prompting investors to withdraw funds.
Prior to its conversion to an ETF, Grayscale held over 600,000 BTC. After 96 days of trading, BlackRock’s IBIT surpassed GBTC in BTC holdings, with IBIT holding 288,671 BTC valued at $19.7 billion, while GBTC held 287,488 BTC valued at $19.6 billion.
Since Bitcoin ETFs were introduced in the United States in January, they have collectively acquired more than 566,662 BTC, according to data compiled by market analyst Quinten Francois. As of now, these ETFs manage a total of over 840,000 BTC.
Even with the continuous stream of capital inflows, Bitcoin must maintain a level above the $70,000 price mark with conviction. As of now, the leading cryptocurrency is valued at $67,900. It’s worth mentioning that BTC recently touched an intraday high of around $70,590 a couple of days ago before ceding ground to bearish pressure.
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