Inflows into U.S. spot bitcoin exchange-traded funds (ETFs) reached a significant milestone on Tuesday, with a total of $305.7 million pouring in. This marks the seventh consecutive day of positive inflows for these ETFs. The standout performer of the day was Blackrock’s IBIT, which captured an impressive 94.86% of the total inflows.
While the spotlight has recently been on proposed spot ethereum ETFs, it was the spot bitcoin ETFs that attracted the attention of investors on Tuesday. The two funds that contributed to the inflows were Blackrock’s IBIT and Fidelity’s FBTC. IBIT took the lion’s share, with $280 million flowing into the fund, while FBTC brought in just under $26 million. The other spot bitcoin ETFs remained neutral, with no inflows or outflows.
Currently, IBIT holds 281,883.90 BTC, which puts it in a close second place behind Grayscale’s Bitcoin Trust, which holds 289,511.90 BTC. This means that Blackrock’s bitcoin fund only needs an additional 7,628 BTC, valued at $536 million, to match GBTC’s reserves. Out of all the funds, only GBTC, IBIT, and FBTC have over 100,000 BTC. FBTC currently holds 159,548.77 BTC, with an estimated value of $11.21 billion.
The sustained inflows into spot bitcoin ETFs, particularly driven by Blackrock’s IBIT on Tuesday, demonstrate strong investor confidence in the crypto ecosystem. This comes at a time when the hype around ethereum ETFs is at its peak. As IBIT continues to narrow the gap with GBTC, the competition for dominance within the bitcoin ETF landscape intensifies.
What are your thoughts on the trading activity of U.S. spot bitcoin ETFs on Tuesday? Feel free to share your opinions on this matter in the comments section below.
