The US spot Bitcoin ETFs are showing signs of slow recovery, with collective inflows reaching $21.52 million on June 26th. This positive momentum began on Tuesday, indicating a potential shift in the market. BlackRock’s iShares Bitcoin Trust (IBIT), however, has not reported any new investments in the past four days. This is not the first time that IBIT has experienced this, as in April, the fund recorded five consecutive days of no inflows.
BlackRock’s Downtrend
BlackRock’s activity in the Bitcoin ETF market has been on a downtrend, with only two minor inflows since June 14, both of which were under $2 million. When an ETF experiences zero flows, it suggests that the supply and demand are balancing out, which does not prompt the creation or redemption of shares. This lack of significant inflows does not necessarily indicate a lack of trading activity, but rather that the net flow is not substantial enough to warrant share adjustments.
Other spot Bitcoin ETFs, such as BITB by Bitwise, BTCO by Invesco and Galaxy Digital, and BRRR by Valkyrie offerings also experienced zero flows on the same day as IBIT. On the contrary, Fidelity’s FBTC saw the largest net inflows on June 26, totaling $19 million according to SoSoValue data. FBTC previously had a 7-day streak of outflows, which reversed as the spot Bitcoin ETFs broke away from the negative streak.
Grayscale’s GBTC, which had not seen positive flows since June 5, attracted just over $4 million on the same day. Since their launch in January, US spot Bitcoin ETFs have garnered $14.44 billion in net inflows. This indicates a growing interest and investment in Bitcoin ETFs despite fluctuations in activity.
Overall, the US spot Bitcoin ETF market is showing signs of recovery and renewed interest. While some funds like IBIT have experienced a lack of inflows, others like FBTC and GBTC have seen positive movements. It will be important to monitor these trends closely to understand the evolving landscape of Bitcoin ETFs and their implications for the broader market.
