US spot Bitcoin ETFs finally reversed their streak of net outflows, bringing in $31 million in net inflows. This positive shift followed a seven-day period of continuous net outflows across almost all funds.
Three funds attracted inflows, two experienced outflows, and the rest recorded no flows for the day.
US Bitcoin ETFs Break Week-Long Outflow
According to the data compiled by SoSoValue, Fidelity's FBTC led, with inflows of $49 million, followed by Bitwise's BITB, which reported $15 million. VanEeck's HODL also experienced net inflows of $4 million.
However, not all funds saw positive movements. Grayscale's GBTC faced net outflows of $30.3 million, while ARK Invest and 21Shares' ARKB recorded $6 million in net outflows.
Interestingly, BlackRock's IBIT – which happens to be the largest spot Bitcoin ETF in terms of net asset value – saw no net flows yet again despite a significant daily trading volume of $1.1 billion.
Following IBIT's suit were other funds such as BTCO, BRRR, EZBC, and BTCW, managed by Invesco and Galaxy Digital, Valkyrie, Franklin Templeton, and WisdomTree, respectively, which also reported zero net flows for the day.
Data further suggests that the 11 spot ETFs have so far attracted a total net inflow of more than $14.4 billion.
All Eyes on Spot Ether ETF
It has been almost six months since the spot Bitcoin ETFs started trading. But their Ether counterparts are yet to hit the floor. Experts had previously weighed in on a potential July launch, but the US Securities and Exchange Commission (SEC) has been extremely tight-lipped about it.
SEC Chief Gary Gensler, too, refrained from sharing a timeline but updated that the process of spot Ether ETF in the US is “going smoothly.” During a Bloomberg conference, Gensler reiterated his previous statement that the final registration steps, known as S-1 filings, are currently being handled at the staff level.
The securities watchdog greenlit the 19b-4 filings from eight ETF bidders on May 23, but the asset managers are still working on their Form S-1s, which represents the final requirement for approval before trading.