Bitcoin ETFs Register Consecutive Inflows Reaching $217M: Fidelity Stands Out

By: Eva Baxter

An Overview

Data from market tracking platform, Farside, recorded an inflow of $217.0 million into Bitcoin ETFs (Exchange-Traded Funds) in the US on May 6. This significant observation comes hot on the heels of another substantial inflow recorded on May 3. These sequential positive movements indicate renewed interest in these funds despite volatility in the broader crypto market.

The Major Players

The Grayscale Bitcoin Trust (GBTC) reported an inflow of $3.9 million, marking consecutive days with inflows being the predominant trend. Noting these advances, GBTC has still unearthed total outflows amounting to $17.4 billion to date. Moreover, Fidelity's Bitcoin fund (FBTC) led the pack by attracting the most substantial inflow, totaling $99.2 million on May 6. This voluminous inflow witnessed by FBTC for the second consecutive trading day brings its total influx to a whopping $8.3 billion.

The Emerging Trends

In the same breadth, ARK's Bitcoin fund (ARKB) noted its most considerable inflow since March 27 of $75.6 million. This has augmented ARKB's total net inflows to a remarkable tally of $2.2 billion. BlackRock's Bitcoin ETF (IBIT) also followed a positive course, noting an inflow of $21.5 million, resulting in consecutive days of back-to-back inflows. Therefore, IBIT's total inflows now stand at an impressive $15.4 billion. Intriguingly, all these ETFs reported no outflows for two straight trading days, hinting towards an upward trajectory for these funds.