Bitcoin ETFs see inflows of $45 million

Locate Bitcoin (Bitcoin) Exchange Traded Funds (ETFs) recorded a net inflow of $45 million on May 28.

This extended their win rate to 11 consecutive days despite the Grayscale Bitcoin Trust ETF (GBTC) seeing outflows of $105.2 million.

These ETF products collectively recorded an inflow of 632 BTC. The positive capital flow is due to the fact that BlackRock and Fidelity’s products overshadowed the outflow of 1,550 BTC from GBTC.

Notably, BlackRock’s iShares Bitcoin Trust (IBIT) saw inflows worth $102.5 million, the largest for any ETF. Meanwhile, Fidelity’s Wise Origin Fund (FBTC) recorded the second-highest inflow of $34.3 million.

Franklin Bitcoin ETF (EZBC) and VanEck Bitcoin Trust (HODL) recorded zero inflows on the same day.

The massive outflow from GBTC caused the product to lose its position as the largest spot ETF in terms of BTC holdings. This change is attributed to the higher costs associated with the ETF compared to other products, leading investors to withdraw funds.

Before conversion to an ETF, Grayscale held over 600,000 BTC. After 96 trading days, BlackRock’s IBIT surpassed GBTC in BTC holdings, with 288,671 BTC worth $19.7 billion, compared to GBTC’s 287,488 BTC worth $19.6 billion.

Since the launch of Bitcoin ETFs in January in the United States, these funds have acquired over 566,662 BTC, according to data provided by market analyst Quinten Francois. These ETFs now hold over 840,000 BTC under management.

Despite the continued string of capital inflows, Bitcoin has yet to confidently hold above the $70,000 price mark. The leading cryptocurrency is currently priced at $67,900. Notably, two days ago BTC briefly reached an intraday high of around $70,590 before ceding territory to the bears.

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