U.S. Spot Bitcoin ETFs Record Second-Best Day Ever

U.S. spot bitcoin ETFs recorded the second-largest combined net inflow of $886.6 million, according to the latest data.

The Fidelity Wise Origin Bitcoin Fund (FBTC) saw the largest inflow of $378.7 million, while BlackRock’s iShares Bitcoin Trust (IBIT) was second with $274.4 million, according to Farside Investors. The ARK 21Shares Bitcoin ETF (ARKB) was the third best with a net inflow of $138.7 million.

This is the largest net inflow into Bitcoin ETFs since March 12, when they recorded a record $1.04 billion. Bitcoin reached an all-time high of $73,679 the following day, March 13.

Farside data reported that the Grayscale Bitcoin Trust (GBTC) recorded a rare inflow day of $28.2 million, marking the seventh day of inflows since it converted from a closed-end fund to a spot ETF in January.

GBTC has recorded over $17.8 billion in net outflows, attributed to a high management fee of 1.5% and reduced discount, prompting many owners to see an opportunity to exit.

Grayscale’s Bitcoin fund initially held 620,000 bitcoins when the ETFs launched, but has now fallen to 285,481 bitcoins, worth $20.2 billion, according to the Apollo Bitcoin Tracker.

ETF Store President Nate Geraci responded to Bitcoin critics on X who claimed that Bitcoin ETFs would have little demand.

– I was told a few months ago that all the ‘degen retail’ investors who wanted to buy had already done so. How is this possible? – wrote Geraci.

Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex Bitcoin ETFs have not seen any demand, with each issuer recording no inflows as of June 4.