US spot bitcoin ETFs score $31 million in net inflows after outflow streak

Reported by The Block: The U.S. spot bitcoin ETFs recorded $31 million in daily net inflows on Tuesday following seven consecutive days of outflows.

Spot bitcoin exchange-traded funds in the U.S. returned to net inflows on Tuesday, drawing in a total of $31 million. This follows seven consecutive trading days of net outflows from the 11 bitcoin funds.

Fidelity’s FBTC led net inflows on Tuesday with $49 million, followed by Bitwise’s BITB reporting $15 million in inflows, according to data from SoSoValue. VanEck’s HODL also saw net inflows of $4 million.

On the other hand, Grayscale’s GBTC saw net outflows of $30.3 million. Ark Invest and 21Shares’ ARKB reported $6 million in net outflows.

BlackRock’s IBIT, the largest spot bitcoin fund in terms of net asset value, saw zero flows, despite having a daily trade volume of $1.1 billion on Tuesday. Other funds from Invesco and Galaxy Digital, Valkyrie and Franklin Templeton also recorded zero flows yesterday.

The 11 spot bitcoin funds, which debuted in January, have accumulated a total net inflow of $14.42 billion as of Tuesday.

Meanwhile, U.S. issuers are working to launch spot ether ETFs, after gaining soft approval from the Securities and Exchange Commission last month. Firms filed amended S-1 registration statements last week. Eric Balchunas, senior Bloomberg ETF analyst, previously said he expects spot Ethereum ETFs to launch by next week.

Bitwise Chief Information Officer Matt Hougan said that spot ether ETFs could accumulate $15 billion in net inflows in the first 18 months after launching in the U.S.