Bitcoin ETF net inflow of $100M was observed despite a $50M outflow from GBTC. Ark Invest and 21Shares ETF (ARKB) contributed the largest portion of this inflow.
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Bitcoin ETF Net Inflow
On Tuesday, May 14, 2024, data from Soso Value indicated a significant net inflow of $100.5 million into the Bitcoin spot ETF market. In contrast, the Grayscale Bitcoin Trust (GBTC) experienced a substantial net outflow of approximately $51 million, making it the only Bitcoin spot ETF with a negative inflow that day.
As a result of these movements, the total net assets of Bitcoin spot ETFs increased by 4.2% on Tuesday, reaching $50.99 billion. This activity brought the total value traded in the Bitcoin spot ETF market to $977.78 million as of May 14.
Other ETF Products
Among other ETF products contributing to the total net inflow were Fidelity’s FBTC, which saw an $8 million inflow; Invesco’s BTCO, attracting $6 million; and VanEck’s HODL, with a $2 million inflow. Additionally, Franklin Templeton’s EZBC and Valkyrie’s BRRR recorded $2 million and $1 million inflows, respectively.
The Bitcoin market responded with notable volatility, especially around the opening of the U.S. market. Bitcoin’s price fluctuated significantly, ranging from $61,100 to $62,300 within an hour before returning to its initial downward trend. By the end of the day, Bitcoin settled at $61,108.
However, early on Wednesday, May 15, Bitcoin showed signs of a recovery, trading at $61,913 after a near 1% gain since the trading session began, according to TradingView data.
https://www.tradingview.com/x/B4IpgUWv/
Conclusion
To conclude, the Bitcoin ETF Net Inflow was observed $100M despite a substantial $50 million outflow from the Grayscale Bitcoin Trust (GBTC on May 14, 2024, driven primarily by Ark Invest and 21Shares ETF (ARKB). This influx led to a 4.2% increase in total net assets, highlighting the market’s resilience and investor confidence. Notably, other ETFs like Fidelity’s FBTC and Invesco’s BTCO also contributed to the positive trend. Bitcoin’s price demonstrated significant volatility but showed early signs of recovery, indicating potential for continued growth.
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