Spot Bitcoin ETFs Report Net Inflows After Outflows

As reported by The Block, the U.S. spot bitcoin exchange-traded funds saw a noteworthy change in trend as they registered $31 million in daily net inflows on Tuesday. This reversal came after a streak of seven consecutive days of outflows.

Resurgence of Net Inflows

On Tuesday, spot bitcoin ETFs operating in the U.S. experienced a resurgence in net inflows, attracting a total of $31 million. This turnaround followed a period of seven consecutive trading days with net outflows across the 11 bitcoin funds.

Fund Performance

Fidelity's FBTC emerged as the leader in net inflows on Tuesday, bringing in $49 million, while Bitwise's BITB reported $15 million in inflows, according to data sourced from SoSoValue. VanEck's HODL also witnessed net inflows of $4 million.

Conversely, Grayscale's GBTC faced net outflows of $30.3 million, while Ark Invest and 21Shares' ARKB reported $6 million in net outflows.

BlackRock's IBIT, the largest spot bitcoin fund by net asset value, remained neutral in terms of flows despite a substantial daily trade volume of $1.1 billion. Other funds from Invesco, Galaxy Digital, Valkyrie, and Franklin Templeton registered zero flows on the same day.

Cumulative Inflows

The 11 spot bitcoin funds that made their debut in January have collectively gathered a cumulative net inflow of $14.42 billion as of Tuesday.

Upcoming Spot Ether ETFs

Meanwhile, U.S. entities are pushing towards launching spot ether ETFs, following a mild approval from the Securities and Exchange Commission in the previous month. Companies submitted revised S-1 registration statements last week. Eric Balchunas, a senior Bloomberg ETF analyst, had anticipated the launch of spot Ethereum ETFs within the upcoming week.

Matt Hougan, Chief Information Officer at Bitwise, projected that spot ether ETFs could attract $15 billion in net inflows within the initial 18 months post their U.S. launch.