US spot Bitcoin exchange-traded funds (ETFs) are experiencing a resurgence in capital inflows after a period of consecutive net outflows. The recent approval of ten Bitcoin ETFs has led to 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 saw its largest daily inflow since March 13, with $279.1 million on March 26. The investment giant also acquired an additional 4,000 BTC, marking the second consecutive day of inflows exceeding $260 million.
BlackRock’s fund attracted inflows of $162.2 million, although its daily inflows remain lower compared to earlier this month when it averaged over $300 million per day.
Ark 21Shares Bitcoin ETF fund had its best day since March 12, with $73.6 million in inflows. Invesco Galaxy, Franklin Templeton, and Valkyrie also saw significant inflows across their respective funds, amounting to more than $26 million each.
On the other hand, Grayscale’s Bitcoin Trust (GBTC) continued to experience outflows, with a daily outflow of $212 million. However, this was not enough to offset the net inflows of its competitors.
Since converting to an ETF on Jan. 11, Grayscale has lost 277,393 BTC, equivalent to around $19.5 billion at current prices.
In a post on March 26, Bloomberg senior ETF analyst Eric Balchunas highlighted the presence of Bitcoin ETFs in a chart of the largest 30 asset funds in their first 50 days of trading. Balchunas noted that four Bitcoin ETFs made the list, with BlackRock’s IBIT and Fidelity’s FBTC standing out.
Furthermore, Balchunas pointed out that even the Bitwise Bitcoin ETF (BITB) is larger than the world’s largest SPDR Gold Shares (GLD) fund.
Crypto asset management firm Hashdex became the eleventh spot Bitcoin ETF issuer in the US on March 26 after converting its futures fund to a spot product, which now trades under the ticker DEFI.
According to the CEO of Trezor, the rise of Bitcoin ETFs has made Coinbase an attractive target for hackers and governments.