US spot Bitcoin (BTC) exchange-traded funds (ETFs) are witnessing a resurgence in fresh capital after experiencing consecutive net outflows for five days. The ten recently approved spot Bitcoin ETFs, including Blackrock’s and Fidelity’s funds, recorded a combined net inflow of $418 million on March 26, according to data from Farside Investors.
Fidelity’s fund attracted its highest daily inflow since March 13, accumulating $279.1 million on March 26. The investment giant also purchased an additional 4,000 BTC. This marked the second consecutive day that the fund received inflows exceeding $260 million.
BlackRock’s fund also saw inflows of $162.2 million, although its daily inflows are lower compared to earlier this month when they 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 witnessed inflows of more than $26 million across their respective funds.
On the other hand, Grayscale’s Bitcoin Trust (GBTC) continued to experience outflows, with a daily outflow of $212 million. However, the net inflows of its competitors outweighed this amount.
Since converting from a trust to an ETF on January 11, Grayscale has lost a significant amount of Bitcoin, shedding 277,393 BTC worth approximately $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. He noted that four Bitcoin ETFs, including BlackRock’s IBIT and Fidelity’s FBTC, stood out from the rest.
Balchunas also mentioned that even the Bitwise Bitcoin ETF (BITB), currently the 18th largest Bitcoin ETF by assets under management, was larger than the world’s largest SPDR Gold Shares (GLD) fund.
On March 26, crypto asset management firm Hashdex became the eleventh spot Bitcoin ETF issuer in the US after converting its futures fund into a spot product trading under the ticker DEFI.
Trezor CEO believes that Bitcoin ETFs make Coinbase an attractive target for hackers and governments, making it a “honeypot.”