Spot bitcoin exchange-traded funds in the United States returned to net inflows of $116.8 million last week after enduring four consecutive weeks of outflows totaling more than $1 billion.
Fidelity’s FBTC dominated last week’s net inflows, adding $111.3 million, followed by Ark Invest’s ARKB, which generated $82.8 million worth of net inflows. BlackRock’s previously dominant spot bitcoin ETF, IBIT, has been more subdued in recent weeks — witnessing its first net daily outflows on May 1. IBIT came in third last week, registering $48.1 million in net inflows. Total net inflows for the ETFs combined currently stand at $11.7 billion.
The turnaround in flows was also mirrored by the global crypto investment product market seeing net inflows totaling $130 million for the first time in five weeks — inclusive of the U.S. spot bitcoin ETF net flows — according to a report from CoinShares on Monday.Despite the flow reversal, trading volume for the U.S. spot bitcoin ETFs declined to $7.4 billion last week, having generated $11 billion in the week prior, according to The Block’s data dashboard.
“These volumes highlight ETP investors are participating less in the crypto ecosystem at present, representing 22% of total volumes on global trusted exchanges relative to 31% last month,” CoinShares Head of Research James Butterfill wrote.
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