The U.S. spot Bitcoin exchange-traded fund (ETF) recorded a total daily net inflow of $302.97 million on Wednesday, the highest since May 3.
According to SoSoValue, Fidelity’s FBTC led the inflows with $131 million in daily inflows, followed by the Bitwise fund’s $86 million. data. Ark Invest and 21Shares’ ARKB recorded $39 million, while Valkyrie, VanEck, Franklin Templeton, WisdomTree and Bitcoin ETFs managed by Invesco and Galaxy Digital reported single-digit net inflows.
Meanwhile, Grayscale’s GBTC, the largest spot Bitcoin fund by net asset value, recorded its third net inflow yesterday, bringing in $27 million. The second largest, BlackRock, had zero flows.
“The large inflows suggest that investment advisors and hedge fund managers view the BTC ETF as a unique hedge that offers diversification benefits that traditional asset classes cannot provide,” Rachael Lucas, cryptocurrency analyst at BTC Markets, told The Block. He said.
“Despite recent volatility, the cumulative net inflows of $12 billion since its debut in January highlight the continued appeal of these financial instruments,” Lucas added.
As of Wednesday, 11 spot Bitcoin ETFs in the U.S. have seen cumulative net inflows worth $12.15 billion. However, ETF trading volume has been steadily decreasing since peaking in March. The Block’s data dashboard.
Bitcoin price had risen 6.65% over the past 24 hours to $66,081 at the time of publication. The Block’s pricing data.
On Wednesday, New York-based hedge fund Millennium Management announced the event. $1.94 billion worth of stock As of March 31, the largest allocation among the five spot Bitcoin ETFs was BlackRock’s IBIT, at approximately $844 million.
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