US spot Bitcoin (BTC) exchange-traded funds (ETFs) are experiencing a resurgence in capital after a period of net outflows. The approval of ten new spot Bitcoin ETFs has resulted in a combined net inflow of $418 million on March 26, with Blackrock’s and Fidelity’s funds leading the way, according to data from Farside Investors.
Fidelity’s fund saw its largest daily inflow since March 13, with $279.1 million on March 26. The investment giant also acquired an additional 4,000 BTC, marking the second consecutive day of inflows exceeding $260 million.
BlackRock’s fund attracted inflows of $162.2 million, although its daily inflows are lower compared to earlier this month when they averaged over $300 million per day.
Other funds also experienced notable inflows, with Ark 21Shares Bitcoin ETF fund seeing its best day since March 12 with $73.6 million in inflows. Invesco Galaxy, Franklin Templeton, and Valkyrie also saw more than $26 million worth of inflows across their respective funds.
However, Grayscale’s Bitcoin Trust (GBTC) continued to experience outflows, with a daily outflow of $212 million. Despite this, the outflows were not enough to offset the net inflows of its competitors.
Since converting to an ETF on January 11, Grayscale has lost a significant amount of BTC, approximately 277,393 BTC worth around $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 made the list, with BlackRock’s IBIT and Fidelity’s FBTC standing out.
Balchunas also pointed out that the Bitwise Bitcoin ETF (BITB) is larger than the world’s largest SPDR Gold Shares (GLD) fund, currently ranking as the 18th largest Bitcoin ETF by assets under management.
On March 26, crypto asset management firm Hashdex became the eleventh spot Bitcoin ETF issuer in the United States after announcing the conversion of its futures fund to a spot product trading under the ticker DEFI.
According to the CEO of Trezor, Bitcoin ETFs make Coinbase a potential target for hackers and governments.