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The fact that large players like Fidelity and BlackRock are making positive inflows into ETFs shows how confident investors are becoming in these investing vehicles.
Despite investor withdrawals earlier in August, US-based spot Bitcoin exchange-traded funds (ETFs) have attracted new investors.
In contrast to the withdrawals observed in the preceding weeks, SoSoValue data as of August 16 showed that the total weekly net inflow for spot Bitcoin BTC $59,464 ETFs reached $32.58 million. The net outflow for spot Bitcoin ETFs was $80.69 million on August 2 and $169 million on August 9.
Mixed signals in the Bitcoin market
Despite $72.9 million in withdrawals from the Grayscale Bitcoin Trust on August 16, the total net inflow for spot Bitcoin ETFs was $36 million. While money has been flowing out of GBTC continuously, other spot Bitcoin ETFs regularly receive inflows.
The data indicates that GBTC has historically had net outflows of $19.6 billion. On August 16, however, the Grayscale Bitcoin Mini Trust ETF did not see any net withdrawals, continuing to receive net inflows totaling $288 million.
The NYSE Arca’s decision to rescind a proposed rule change that would have allowed the trading of GBTC and other comparable cryptocurrency ETFs corresponds with the drop in GBTC’s value.
Fidelity and BlackRock lead
On August 16, the Fidelity Bitcoin Fund ETF saw the largest net inflow, totaling $61.3 million. Its cumulative historical net inflow now stands at $9.8 billion.
On the same day, there was a noteworthy net inflow of $20.38 million into BlackRock’s iShares Bitcoin Trust ETF, increasing its historical total to $20.38 billion.
Spot Bitcoin ETFs are seeing strong inflows that are continuing at a time when their net asset value is $54.35 billion. At 4.65%, the market value of ETFs as a percentage of the overall market value of Bitcoin is represented by the ETF net asset ratio.
The fact that historical cumulative net inflows have now totaled $17.37 billion shows how spot Bitcoin ETFs are becoming more and more integrated into the wider financial environment. According to a US Securities and Exchange Commission report dated August 14, Morgan Stanley owns shares in a spot Bitcoin exchange-traded fund valued at $188 million.
