Investors poured nearly $220 million into spot Bitcoin ETFs yet again on June 6, extending the inflow streak to 18 consecutive trading days. BlackRock’s IBIT ETF reclaimed the top spot for daily inflows with $350 million, surpassing Fidelity’s FBTC which only saw $3.1 million.
This positive trend follows a period of outflows in early May, primarily driven by Grayscale’s GBTC conversion to a spot ETF. Data from Farside shows $103 million was withdrawn from GBTC at the time, contributing to a total outflow of $84.7 million across all spot Bitcoin ETFs.
A potential explanation for the recent surge in inflows is the US inflation data. June 4 witnessed the second-highest daily inflow ever at $886.6 million, followed by $488.1 million on June 5.
For the past five trading days, Fidelity’s FBTC had been the preferred choice for investors, consistently outpacing BlackRock’s IBIT in terms of inflows. However, the trend shifted on June 6 with IBIT attracting a significant $349.9 million compared to FBTC’s meager $3.1 million.
Grayscale’s GBTC continues to experience outflows post-conversion, with an additional $37.6 million withdrawn yesterday. Ark Invest’s ETF also saw a significant outflow, exceeding $100 million for the second time in the past ten days.
