Bitcoin ETF Pull in $257 Million in 4th Consecutive Days of Inflow

Ibrahim Ajibade
Published: May 17, 2024, 07:17 GMT+00:00

Key Points:

  • The 11 spot bitcoin ETFs in the U.S. saw daily net inflows of $257.34 million on Thursday.
  • Major Wall Street institutions revealed large shares in U.S. spot bitcoin ETFs recently in their quarterly 13F reports.
Bitcoin ETF Approved

Spot bitcoin exchange-traded funds in the U.S. reported a total daily net inflow of $257.34 million on Thursday, recording a fourth consecutive day of inflows.

Blackrock’s IBIT ETF Leads the Way with $94M Inflows

BlackRock’s IBIT, the second largest in terms of net asset value, saw the largest amount of $94 million move into the ETF yesterday, according to data from SoSoValue. IBIT had carried mostly zero to minimal flows in the past three weeks. Fidelity’s FBTC fund brought in $67 million, while Ark Invest and 21Shares’ bitcoin ETF reported net inflows of $62 million.

Bitcoin BTC Spot ETFs Holdings | May 16, 2024
Bitcoin BTC Spot ETFs Holdings | May 16, 2024 | Source: SoSoValue

Grayscale’s GBTC, which had recorded large net outflows on most days since its conversion in January, recorded a daily net inflow of $4.64 million on Thursday. Valkyrie’s bitcoin ETF saw inflows of $18.5 million, while funds from Bitwise, Franklin Templeton, Invesco, and Galaxy Digital netted single-digit inflows.

Back-to-back net inflows from the 11 spot bitcoin ETFs came amidst Wall Street’s first quarter 13F reporting season. Major financial players disclosed their stakes in the spot bitcoin funds, which turned out to be greater than some expected.

“IBIT ended up with 414 reported holders in its first 13F season, which is mind boggling, blows away record,” Eric Balchunas, Bloomberg’s senior ETF analyst wrote on X Thursday. “Even having 20 holders as a newborn is bfd, highly rare.”

As of the end of March, Morgan Stanley held spot bitcoin ETFs worth over $270 million, while Millennium Management disclosed a staggering stake of $1.94 billion in shares across five bitcoin funds. The State of Wisconsin Investment Board also revealed holdings of $163 million in BlackRock and Grayscale’s funds.

Meanwhile, the 11 spot bitcoin ETFs in the U.S. have accumulated $12.40 billion worth of net inflows so far, SoSoValue data showed. Despite consecutive days of total net inflows, trading volume on the ETFs remains lower than its peak level in March, according to The Block’s data dashboard.

About the Author

Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.

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