According to data from SoSoValue, spot bitcoin exchange-traded funds (ETFs) in the U.S. have had a total net inflow of $302.97 million since May 3. Fidelity's FBTC led with $131 million, followed by Bitwise with $86 million. Ark Invest and 21Shares' ARKB received $39 million in inflows, while other ETFs from Valkyrie, VanEck, Franklin Templeton, WisdomTree, and Invesco-Galaxy had lower single-digit inflows.
Grayscale's GBTC, the largest spot bitcoin fund, saw $27 million in net inflows, the third-highest amount ever recorded. On the other hand, BlackRock, the second-largest fund, had no flows during this period.
Investment advisors and hedge fund managers believe that BTC ETFs serve as a unique hedge and provide diversification benefits, which is evident from the substantial inflows into spot bitcoin ETFs in the U.S. Since their launch in January, these ETFs have accumulated $12.15 billion in net inflows, although trading volume has decreased since its peak in March.
In the past 24 hours, Bitcoin's price has increased by 6.65% to $66,081. Millennium Management revealed holdings of $1.94 billion in shares of five spot bitcoin ETFs as of March 31, of which $844 million was invested in BlackRock's IBIT.
