By
Svetlana Soroka
June 14th, 2024
A total of $13.43 billion has flowed into spot BTC ETFs since the approval of the digital assets in January, but the current capital flowing into the investment products remains significantly low compared to their peaks in March.
Spot Bitcoin exchange-traded funds (ETFs) approved in the United States earlier this year have witnessed record net inflows for nine consecutive days, as per recent data, and the investment products raked in $107.91 million on Thursday.
Notably, this is the longest streak of inflows since the middle of March, when spot Bitcoin ETFs witnessed ten consecutive days of money flowing into them. As expected, the spot Bitcoin ETF offered by BlackRock, the world’s largest asset management firm, had the biggest share of inflows at $89 million, as per SoSo Value.
BlackRock’s iShares Bitcoin Trust (IBIT) was followed by Fidelity’s FBTC, which recorded inflows worth $19 million, followed by VanEck’s HODL ETF, which recorded $10 million in net inflows. The products offered by ARK Invest and 21Shares, along with Invesco and Galaxy Digital, both recorded $2 million each.
Finally, the Grayscale Bitcoin Trust (GBTC) recorded an outflow of $14 million while no capital flowed into Bitwise, Valkyrie, Franklin Templeton, WisdomTree, and Hashdex’s exchange-traded funds.
It is important to note that a total of $13.43 billion has flowed into spot BTC ETFs since the approval of the digital assets in January, but the current capital flowing into the investment products remains significantly low compared to their peaks in March.
On the other hand, the United States Securities and Exchange Commission (SEC) approved 19b-4 filings from asset management firms for offering spot Ethereum ETFs in the country. While the S-1 filings have yet to be greenlit, Bloomberg analyst James Seyffart has predicted that the ETH ETFs will start trading on stock exchanges in the coming weeks. Seyffart noted that spot Bitcoin ETFs took 90 days, and spot ETH ETFs might take a similar time to interview for their approval process.
Bitcoin vs Ethereum
Following the approval of the 19b-4 filings, the dominance of Bitcoin declined significantly as ETH shot up to a high of $3,900. The price of BTC at the time of writing stands just above $67,000, while ETH is valued at $3750.
Meanwhile, the trading volume of ETH has surged by 97.96% in the past 24 hours, while BTC saw a 40.86% rise in its volume. The dominance of Bitcoin currently stands above 52%, while that of Ether is almost 18%.
Despite the inflows in Bitcoin spot ETFs, the cryptocurrency has failed to break above its all-time high witnessed in March at $73,000. Meanwhile, ETH is 23.78% lower than its all-time high witnessed in November 2021 at $4,900.
The Bitcoin Fear and Greed Index currently has a value of 74, which signifies that the demand for BTC is currently quite high and the buyers are in control of the price trajectory. The Bitcoin mining difficulty also skyrocketed after the metric fell by 5.9% on May 9, marking the biggest dip since December 2022.