The U.S. saw the largest total net inflow of $302.97 million into spot bitcoin exchange-traded funds (ETFs) since May 3.
Fidelity’s FBTC led with $131 million, followed by Bitwise at $86 million. Ark Invest and 21Shares’ ARKB drew in $39 million, while other ETFs from Valkyrie, VanEck, Franklin Templeton, WisdomTree, and Invesco-Galaxy had single-digit inflows, according to SoSoValue data.
Grayscale’s GBTC, the largest spot bitcoin fund, attracted $27 million in net inflows, marking its third-ever. Meanwhile, BlackRock, the second-largest, experienced zero flows.
“The large inflows suggest investment advisors and hedge fund managers see BTC ETFs as a unique hedge, offering diversification benefits,” said Rachael Lucas, a crypto analyst at BTC Markets.
Since their debut in January, spot bitcoin ETFs in the U.S. have seen $12.15 billion in cumulative net inflows. However, trading volume has declined since March’s peak.
Bitcoin’s price rose 6.65% in the past 24 hours to $66,081. Millennium Management disclosed it held $1.94 billion in shares of five spot bitcoin ETFs as of March 31, with $844 million in BlackRock’s IBIT.
Investment advisors and hedge fund managers view BTC ETFs as a unique hedge, offering diversification benefits, as evidenced by the significant inflows into spot bitcoin ETFs in the U.S.
Also Read: Millennium Management Invests $2 Billion in Bitcoin ETFs
