Bitcoin ETFs regain momentum, attracting $418 million in net inflows.

Fresh funds are flowing back into Bitcoin exchange-traded funds (ETFs) in the US after a period of net outflows. The ten recently approved Bitcoin ETFs saw a combined net inflow of $418 million on March 26, with Blackrock’s and Fidelity’s funds leading the way, according to data from Farside Investors. Fidelity’s fund experienced its largest daily inflow since March 13, bringing in $279.1 million as the company acquired an additional 4,000 BTC. BlackRock’s fund also saw inflows of $162.2 million. However, compared to earlier in the month, its daily inflows remain relatively low. Other funds, such as Ark 21Shares Bitcoin ETF, Invesco Galaxy, Franklin Templeton, and Valkyrie, also experienced significant inflows. On the other hand, Grayscale’s Bitcoin Trust (GBTC) continued to see outflows, losing $212 million in a single day. Despite this, the net inflows of its competitors outweighed GBTC’s outflows. Grayscale has seen a significant decrease in its holdings since converting to an ETF, shedding 277,393 BTC worth approximately $19.5 billion. In a post on March 26, Bloomberg senior ETF analyst Eric Balchunas highlighted the presence of Bitcoin ETFs in the first 50 days of trading for the largest 30 asset funds. Four Bitcoin ETFs, including BlackRock’s IBIT and Fidelity’s FBTC, made the list and were described as being in a “league of their own.” Balchunas also noted that even the Bitwise Bitcoin ETF (BITB) was larger than the world’s largest SPDR Gold Shares (GLD) fund. Hashdex, a crypto asset management firm, became the eleventh Bitcoin ETF issuer in the US after converting its futures fund to a spot product. The fund now trades under the ticker DEFI.