Ark Invest Bitcoin ETF Records Largest Ever $100 Million Daily Outflow
Crypto News- Spot bitcoin exchange-traded funds in the U.S. saw their 13th consecutive day of net inflows on Thursday, with a total of $48.71 million coming in. Significant fund movements were observed in two bitcoin funds from Fidelity, as well as Ark Invest and 21Shares.
Major Movements in Fidelity and Ark Invest
Fidelity’s FBTC led the way with $119 million in net inflows, while Ark’s ARKB experienced nearly $100 million in net outflows, marking its largest outflow since its debut in January, according to SoSoValue data.
Performance of Other Major Bitcoin ETFs
BlackRock’s IBIT, the largest spot bitcoin fund by net assets, recorded $2 million in net inflows. Grayscale’s GBTC, which recently became the second largest, had no net flows. Bitwise’s BITB added $26 million, while Invesco and Galaxy Digital’s bitcoin ETF reported $2 million in net inflows.
Investor Uncertainty Influences ETF Flows
“The unusual spot bitcoin ETF flows seem to be driven by investor uncertainty about the Federal Reserve’s interest rate decisions, especially with major economic reports due from the U.S. on May 31,” BTC Markets’ Crypto Analyst Rachael Lucas told The Block.
“If U.S. inflation exceeds expectations and personal income and spending trends rise, it could lower investor optimism about a potential Fed rate cut in September. A more hawkish Fed could negatively affect demand for riskier assets, including bitcoin and related ETFs,” Lucas said.
Recent Streak of Inflows and Historical Context
Over the past 13 days, U.S. spot bitcoin ETFs saw total net inflows exceeding $2 billion, marking their second-longest positive streak since listing, following the 17-day streak that began in January. However, the total flow volume in U.S. spot bitcoin ETFs remains significantly smaller than their peak in March, as noted by The Block’s data dashboard.
New S-1 Filings for Spot Ethereum Funds
Meanwhile, Grayscale filed its amended S-1 registration statement for its spot Ethereum fund on Thursday, a day after BlackRock’s filing. More S-1 filings are expected as the SEC has asked issuers to submit their forms by Friday.
FAQ on Recent Movements in U.S. Spot Bitcoin ETFs
What happened with U.S. spot bitcoin ETFs on Thursday?
On Thursday, U.S. spot bitcoin ETFs logged their 13th consecutive day of net inflows, drawing in a total of $48.71 million. However, there were notable movements in individual funds, including significant inflows and outflows.
Which funds had the most significant changes in inflows and outflows?
Fidelity’s FBTC saw the largest net inflows, totaling $119 million. Conversely, Ark Invest’s ARKB experienced nearly $100 million in net outflows, marking its largest outflow since its debut in January.
How did other major bitcoin ETFs perform?
BlackRock’s IBIT, the largest spot bitcoin fund by net assets, recorded $2 million in net inflows. Grayscale’s GBTC had no net flows. Bitwise’s BITB added $26 million, and Invesco and Galaxy Digital’s bitcoin ETF reported $2 million in net inflows.
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