US Spot Bitcoin ETFs Experience Resurgence with $101 Million in Net Inflows After Two-Day Outflows
After a brief period of net outflows, U.S. spot Bitcoin exchange-traded funds (ETFs) bounced back on Wednesday, recording net inflows of $100.9 million.
The turnaround comes following a record-breaking 19-day streak of inflows before facing setbacks earlier in the week.
Leading the pack was Fidelity’s FBTC with an impressive net inflow of $51 million, followed by BlackRock’s IBIT with $16 million, and Bitwise’s BITB with $15 million.
Data from SosoValue revealed that VanEck’s HODL and Ark Invest’s ARKB also saw net inflows of $12 million and $9 million, respectively.
However, Grayscale’s GBTC reported zero net flows, continuing its downward trend since January’s conversion. WisdomTree and Invesco’s other funds also did not report net inflows. In total, the 11 spot Bitcoin ETFs have accumulated $15.52 billion in net inflows since inception.
According to CNBC, the return to net inflows coincided with key economic reports from the United States. The Labor Department’s Consumer Price Index (CPI) for May showed no increase, hinting at a possible slowdown in inflation.
Despite this, the Federal Open Market Committee (FOMC) opted to keep the current interest rate of 5.25% to 5.50% following its meeting on Wednesday.
CNN reported that the Federal Reserve is only predicting one rate cut for 2024, as it is not entirely convinced that the deflationary trend is firmly established.
*This is not investment advice.
For access to over 300 cryptocurrencies, you can sign up with Binance exchange with a 20% COMMISSION DISCOUNT through this link!
Follow our Telegram and Twitter accounts for exclusive news, analytics, and on-chain data!
