Spot Bitcoin ETFs have their best day in two weeks

Bitcoin spot exchange-traded funds in the United States saw inflows return significantly yesterday, with a net $418 million flowing into the new products.

The net inflow is the largest recorded in two weeks and follows yesterday’s $15.7 million net inflow, which ended a five-day net outflow streak.

A cumulative total net inflow of $11.7 billion has now been recorded, according to data from So So Value.

Fidelity’s spot bitcoin ETF (FBTC) was the biggest beneficiary of the day, seeing nearly $280 million in net inflows.

BlackRock iShares Bitcoin BTC

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The ETF (IBIT) attracted a net inflow of $162 million – significantly more than the competition, but still in second place that day behind Fidelity’s rival product.

Ark Invest and 21 Shares ARKB also had their best day in two weeks, bringing in a net $73.60 million.

Conversely, Grayscale’s GBTC continued to see funds flow out of the product. A net outflow of $212 million was recorded yesterday. In total, more than $14.3 billion was withdrawn from GBTC.

As funds move out of GBTC, its discount to NAV has been decreasing daily and is approaching 0%. Currently, the metric is at -1.55%, according to data from The Block, which is significantly closer to parity than the -8% it started the year at.

The new spot bitcoin ETFs in the United States have largely been a resounding success.

As note According to Eric Balchunas, senior ETF analyst at Bloomberg, four Bitcoin ETFs rank among the most ever in their first 50 days on the market, with “IBIT and FBTC in a league of their own.”

The price of bitcoin is trading just below $70,000 and is down 2% over the past 24 hours, according to price data from The Block.

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