Fresh capital is making its way back into US Bitcoin exchange-traded funds (ETFs) after a period of consecutive net outflows. The ten recently approved spot Bitcoin ETFs, including those from Blackrock and Fidelity, saw a total net inflow of $418 million on March 26, according to data from Farside Investors.
Fidelity’s fund experienced its highest daily inflow since March 13, with $279.1 million on March 26. The investment giant also acquired an additional 4,000 BTC. This marked the second consecutive day of inflows exceeding $260 million for the fund.
BlackRock’s fund also saw inflows of $162.2 million, although its daily inflows remained lower compared to earlier this month, when they averaged over $300 million per day.
The Ark 21Shares Bitcoin ETF fund had its best day since March 12, with $73.6 million in inflows. Invesco Galaxy, Franklin Templeton, and Valkyrie also saw inflows of over $26 million across their respective funds.
On the other hand, Grayscale’s Bitcoin Trust (GBTC) continued to experience outflows, with a daily outflow of $212 million. However, this was not enough to offset the net inflows of its competitors.
Since converting from a trust to an ETF on January 11, Grayscale has lost 277,393 BTC, which is roughly valued at $19.5 billion at current prices.
In a post on March 26, Bloomberg senior ETF analyst Eric Balchunas highlighted the presence of Bitcoin ETFs in a chart of the largest 30 asset funds in their first 50 days of trading. He noted that four Bitcoin ETFs, including BlackRock’s IBIT and Fidelity’s FBTC, were “in a league of their own.” Balchunas also pointed out that the Bitwise Bitcoin ETF (BITB) was larger than the world’s largest SPDR Gold Shares (GLD) fund.
On March 26, crypto asset management firm Hashdex became the eleventh spot Bitcoin ETF issuer in the US after announcing the conversion of its futures fund to a spot product, which now trades under the ticker DEFI.
In a related development, the CEO of Trezor, a cryptocurrency hardware wallet provider, claimed that the presence of Bitcoin ETFs has made Coinbase a target for hackers and governments.