US spot bitcoin ETFs return to net inflows with $101 million pouring in
Quick Take
- The U.S. spot bitcoin ETFs saw net inflows of $101 million on Wednesday.
- Fidelity’s FBTC led inflows with $51 million.
The 11 U.S. spot bitcoin exchange-traded funds shifted back to net inflows on Wednesday, drawing in funds worth $100.9 million. The ETFs, which had carried on a record 19-day streak of inflows recently, saw net outflows on Monday and Tuesday.
Fidelity’s FBTC led the pack of inflows on Wednesday with $51 million, followed by inflows of $16 million from BlackRock’s IBIT, according to data from SosoValue. Bitwise’s BITB saw $15 million in net inflows, and VanEck’s HODL added net inflows of $12 million. Ark Invest’s ARKB also gained $9 million.
Grayscale’s GBTC, which has predominantly posted net outflows since its January conversion, reported zero flows, as did funds from WisdomTree, Invesco and others. Since their inception, the 11 bitcoin ETFs have drawn in total net inflows of $15.52 billion.
Wednesday’s inflows coincided with the anticipated key economic numbers from the U.S. economy. The U.S. consumer price index from the Labor Department reported no increase in May, which may be a sign of slowing inflation, according to CNBC.
Still, the Federal Open Market Committee decided to maintain the current interest rate of 5.25% to 5.50% after a Wednesday meeting instead of a rate cut. The Federal Reserve stated that it projects just one rate cut coming in 2024, as it does not believe the deflationary trend has settled, according to a CNN report.
The price of bitcoin edged up 0.14% in the past 24 hours to $67,647, according to The Block’s bitcoin price page.
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