$305M Flows into U.S. Spot Bitcoin ETFs on Tuesday
In a continuous streak of positive inflows, U.S. spot bitcoin exchange-traded funds (ETFs) received an impressive $305.7 million on Tuesday. This surge comes amid the buzz surrounding the potential launch of spot ethereum ETFs. Out of all the ETFs, Blackrock's IBIT emerged as the leader, capturing a significant 94.86% of the total inflows.
Tuesday witnessed a substantial influx of $305.7 million into U.S. spot bitcoin ETFs, stealing the spotlight from the proposed spot ethereum ETFs. Among the various funds, IBIT from Blackrock and FBTC from Fidelity were the only contributors to these inflows. IBIT took the lion's share, accounting for 94.86%, which amounts to $280 million. On the other hand, FBTC brought in just under $26 million. The remaining spot bitcoin ETFs experienced a neutral day with no inflows or outflows.
At present, IBIT holds 281,883.90 BTC, closely trailing Grayscale's Bitcoin Trust, which possesses 289,511.90 BTC. This implies that Blackrock's bitcoin fund requires only 7,628 BTC, valued at $536 million, to match GBTC's reserves. GBTC, IBIT, and Fidelity's FBTC are the only funds holding over 100,000 BTC. Currently, FBTC secures 159,548.77 BTC, with an estimated value of $11.21 billion.
The consistent inflows into spot bitcoin ETFs, particularly boosted by Blackrock's IBIT on Tuesday, reflect a strong investor confidence in the crypto ecosystem amidst the hype surrounding ethereum ETFs. As IBIT closes the gap with GBTC, the dynamics within the bitcoin ETF landscape indicate a competitive race for dominance.
What are your thoughts on the U.S. spot bitcoin ETF trading activity that took place on Tuesday? Feel free to share your opinions and insights on this topic in the comments section below.