The US spot Bitcoin ETFs are showing signs of a slow recovery, with collective inflows reaching $21.52 million on June 26th. This positive momentum follows a trend that began on Tuesday, indicating a potential shift in the market.
BlackRock’s iShares Bitcoin Trust (IBIT) has not reported any new investments in the past four days. This lack of activity is part of a downtrend for BlackRock, with only two minor inflows since June 14, both under $2 million. This stagnant period is not unusual for the fund, as it previously experienced five straight days of no inflows in April.
According to Bloomberg ETF analyst James Seyffart, zero flows in an ETF occur when the supply and demand balance out. This equilibrium prevents the need for share adjustments, indicating that there may be trading activity within the fund, despite the lack of significant net flows. Other spot Bitcoin ETFs, such as BITB by Bitwise, BTCO by Invesco and Galaxy Digital, and BRRR by Valkyrie offerings, also experienced zero flows on the same day.
In contrast, Fidelity’s FBTC saw the largest net inflows on June 26, amounting to $19 million. This marks a reversal in trend for FBTC, which had seen seven consecutive days of outflows from June 13 to 24. The positive inflows on June 26 helped break the negative streak for spot Bitcoin ETFs in general.
Grayscale’s GBTC, which had not seen positive flows since June 5, attracted just over $4 million on the same day. Despite the recent dry spell, the fund’s ability to draw in new investments demonstrates resilience in the market. Since their introduction in January, these investment vehicles have amassed $14.44 billion in net inflows, indicating a growing interest in the cryptocurrency market.
The US spot Bitcoin ETFs are experiencing a mixed bag of activity, with some funds showing signs of recovery while others struggle to attract new investments. As the market continues to evolve, it will be crucial for investors to closely monitor these ETFs for potential opportunities and risks.