Bitcoin ETF

Bitcoin

United States-based spot Bitcoin&nbsp;exchange-traded funds (ETFs) saw their second-best-ever joint net inflow day of $886.6 million, according to preliminary data.
The Fidelity Wise Origin Bitcoin Fund (FBTC) saw the largest inflow at $378.7 million, while BlackRock’s iShares Bitcoin Trust (IBIT) was second with $274.4 million, <a href="https://farside.co.uk/?p=997" rel="noopener noreferrer nofollow" target="_blank">according</a> to early&nbsp;data from Farside Investors.
The ARK 21Shares Bitcoin ETF (ARKB) was the third-best performer with $138.7 million in net inflows, Farside data shows.
It’s the highest net inflows to the funds since March 12, when they took in a <a href="https://cointelegraph.com/news/bitcoin-etfs-record-1-b-daily-inflow">record $1.04 billion</a>. Bitcoin <a href="https://cointelegraph.com/news/bitcoin-price-new-73-6-k-all-time-high-etfs-eat">hit an all-time high</a> of $73,679 a day later on March 13.
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 <figcaption style="text-align: center;">
 Spot Bitcoin ETF flows for June 4 highlighted in green. Source: Farside Investors
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Farside data reported that the Grayscale Bitcoin Trust (GBTC) saw a rare inflow day of $28.2 million, the seventh inflow day since it converted from a closed-end fund to a spot ETF in January.
GBTC has seen over $17.8 billion in net outflows, which have been attributed to its high <a href="https://cointelegraph.com/news/grayscale-gbtc-discount-falls-spot-bitcoin-etf-approval">management fee of 1.5% and narrowed discount</a>, which saw many holders see&nbsp;an opportunity to exit.
Grayscale’s Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;fund initially held 620,000 BTC when the spot Bitcoin ETFs launched, but that’s now fallen to 285,481 BTC, worth $20.2 billion, <a href="https://heyapollo.com/bitcoin-tracker/overview" rel="noopener noreferrer nofollow" target="_blank">according</a> to the Apollo Bitcoin Tracker.
ETF Store president Nate Geraci hit <a href="https://x.com/NateGeraci/status/1798153844947587194" rel="noopener noreferrer nofollow" target="_blank">back</a> at Bitcoin critics on X who he said claimed <a href="https://cointelegraph.com/learn/bitcoin-etfs-a-beginners-guide-to-exchange-traded-funds">the Bitcoin ETFs</a> would see little demand.
“I was told several months ago that all of the ‘degen retail’ investors who wanted to buy had already done so [and] there was nobody left,” Geraci wrote. “How can this be?”
Related: <a href="https://cointelegraph.com/news/bitcoin-investment-inflows-hit-1b-as-long-term-holders-accumulate">Bitcoin investment inflows hit $1B as long-term holders accumulate</a>
Bloomberg ETF analyst Eric Balchunas wrote on X that it was “big-time flows all around today for The Ten” — the Bitcoin ETFs bar Hashdex’s, which <a href="https://cointelegraph.com/news/hashdex-11th-approved-spot-bitcoin-etf-united-states">joined the market months after the others</a> had launched and has struggled to see inflows.
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 Source: <a href="https://x.com/EricBalchunas/status/1798156058487382232" rel="noopener noreferrer nofollow" target="_blank">Eric Balchunas</a>
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The <a href="https://cointelegraph.com/learn/investing-in-bitcoin-etf">Bitcoin ETFs</a> from Invesco Galaxy, Franklin Templeton, WisdomTree and Hashdex didn’t see any demand, with each of the issuers recording no flows for June 4.
It comes as <a href="https://cointelegraph.com/news/btc-price-breakout-never-seen-before-5-things-bitcoin-this-week">Bitcoin has rallied</a> 2.9% to $71,000 over the last 24 hours, <a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow" target="_blank">according</a> to CoinGecko.
Magazine: <a href="https://cointelegraph.com/magazine/wolf-of-all-streets-world-bitcoin-hits-1m-1-million-hall-of-flame/">Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame</a>
Update (June 5, 4:20 am UTC): This article has been updated to add information throughout.

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