US-based Bitcoin exchange-traded funds (ETFs) saw their second-best combined inflow day ever, with preliminary data indicating an inflow of $886.6 million.
According to data from Farside Investors, Fidelity Wise Origin Bitcoin Fund (FBTC) led an inflow of $378.7 million, followed by Blackrock's Bitcoin ETF (IBIT) with $274.4 million.
The ARK 21Shares Bitcoin ETF (ARKB) was the third best performer, generating net inflows of $138.7 million.
Farside data also indicated that Grayscale Bitcoin Trust (GBTC) had a rare day of inflow, netting $28.2 million. This marks the seventh day of GBTC inflow since it was converted from a closed-end fund to a spot ETF in January.
GBTC experienced over $17.8 billion in net outflows, which was attributed to higher management fees of 1.5% compared to 0.25% for the BlackRock fund and even lower, including fee waivers, at competitors.
Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, Wisdom Tree, and Hashdex saw no demand, with each issuer recording no inflows on June 4.
Overall, for the 10 Bitcoin ETF issuers, Tuesday, June 4 marked the highest net inflow into these funds since March 12, when they recorded more than $1.05 billion in total net inflows.
Head of ETF Shop Nate Geraci He responded To Bitcoin critics on X, address claims that Bitcoin ETFs will see minimal demand.
“I was told several months ago that all the retail investors who wanted to buy had already done so (and) there was no one left,” Geraci wrote. “How can this be?”
Meanwhile, Bloomberg ETF analyst Eric Balchunas also noted to the
Hashdex's Bitcoin ETF (DEFI) entered the market months later than other issuers and has struggled to attract inflows.
Earlier, on May 3, US Bitcoin ETFs recorded 15 consecutive sessions of net inflows. This rally, combined with rising bitcoin prices, has helped BlackRock's iShares Bitcoin Fund (IBIT) surpass $20 billion in assets under management for the first time.
According to According to Balchunas, ETFs have attracted nearly $2.4 billion in new money over the past month. This would be the third largest net inflow across the entire ETF market.
“The ability to bounce back with renewed interest after a few bad sell-offs is rare for hot sauce-type strategies,” Balchunas said on Program X. “(It) shows staying power.”
Following initial excitement over the launch of spot ETFs, inflows slowed significantly in April and even turned negative for several days, a phenomenon that experts said was completely normal.
