Spot Bitcoin (BTC) exchange-traded funds (ETFs) saw a net inflow of $45 million on May 28, despite the Grayscale Bitcoin Trust ETF (GBTC) experiencing significant outflows. This marked the eleventh consecutive day of inflows for these ETFs.
Collectively, these products recorded an inflow of 632 BTC, driven by BlackRock’s and Fidelity’s offerings, which overshadowed the 1,550 BTC outflow from GBTC. However, Franklin Bitcoin ETF (EZBC) and VanEck Bitcoin Trust (HODL) reported zero inflows on the same day.
The outflow from GBTC led to its loss of position as the largest spot ETF by BTC holdings, attributed to its higher costs. Since their launch in January, Bitcoin ETFs in the U.S. have acquired over 566,662 BTC, now managing over 840,000 BTC.
Despite this streak, Bitcoin needs to maintain a price above $70,000. It currently trades at $67,900, having briefly peaked at $70,590 two days ago. This ongoing inflow underscores the growing investor confidence in Bitcoin ETFs.
