US Bitcoin (BTC) exchange-traded funds (ETFs) saw their second-best combined inflow day ever with $887 million.
The Fidelity Wise Origin Bitcoin Fund (FBTC) saw the largest inflow with $378.7 million, while BlackRock’s iShares Bitcoin Trust (IBIT) took second place with $275 million, according to data from Farside Investors and the X HODL15Capital account.
The ARK 21Shares Bitcoin ETF (ARKB) was the third best performer with over $138 million in net inflows.
The Grayscale Bitcoin Trust (GBTC) had a rare $28.2 million inflow day, the seventh time it has seen an inflow since moving from a closed-end fund to a cash ETF in January.
These are the highest net inflows the funds have seen since March 12, when they received a record $1.04 billion. Bitcoin reached an all-time high of $73,679 the following day, March 13.
Nate Geraci, head of the ETF Shop, responded to Bitcoin critics on X who said Bitcoin ETFs would see little demand.
“I was told several months ago that all the retail investors who wanted to buy had already done so (and) that there were no one left,” Geraci wrote. “How can this be?”
“The data is getting crazier and crazier for orange poker chip enthusiasts as well as Paul Krugman followers,” Bloomberg ETF analyst Eric Balchunas said in response to Geraci.
about: Bitcoin investment flows hit $1 billion as long-term holders accumulate
Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree and Hashdex saw no demand, with both issuers seeing no inflows on June 4.
However, Grayscale Bitcoin Trust (GBTC) had a rare entry day worth $28.2 million. This is the seventh time GBTC has seen an inflow since it moved to spot format almost five months ago.
GBTC’s huge outflows have been largely attributed to a 1.5% management fee hike.
Grayscale’s Bitcoin product initially held 620,000 Bitcoins when it launched its spot Bitcoin ETFs, but that number has since fallen to 285,481 Bitcoins (worth $20.2 billion at current prices), according to the Apollo Bitcoin Tracker.
This comes as Bitcoin rose 2.9% to $71,000 in the past 24 hours, according to CoinGecko.
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