US-listed spot Bitcoin exchange-traded funds (ETFs) have been gaining momentum amid Bitcoin’s price recovery, showing steady inflows since mid-April.
Spot Bitcoin (BTC) ETFs logged $335.8 million in inflows on Wednesday, marking the seventh consecutive day of inflows, according to Farside data.
During the inflow streak, the ETFs drew around $1.9 billion in total inflows, surpassing the previous seven-day inflow streak in March, which totaled $1.2 billion.
According to Wallet Pilot data, Bitcoin ETFs hold a combined 1.3 million Bitcoin in assets under management, worth around $103 billion.
The steady inflows to Bitcoin ETFs were accompanied by a rising BTC price, which has surged 11% over the past 30 days. BTC briefly rose above $79,000 on Wednesday, its first time reaching that level since late January, according to CoinGecko.
BlackRock leads inflows at $1.4 billion as Morgan Stanley fund adds to streak
Out of $1.9 billion in the latest inflow streak, BlackRock’s iShares Bitcoin Trust ETF (IBIT) accounted for more than 73% of all the inflows at $1.4 billion. The fund holds 809,870 Bitcoin, accounting for 62% of total AUM in US-listed spot Bitcoin ETFs.
The Morgan Stanley Bitcoin Trust (MSBT) strongly contributed to the momentum, posting $95 million within the total streak. Notably, the fund itself has not yet seen a single day of outflows, generating $163 million since launch on April 8.
Daily spot Bitcoin ETF inflows since April 14. Source: Farside.co.uk
Still, several funds have clocked losses during the past seven trading sessions. The Grayscale Bitcoin Trust ETF (GBTC) led redemptions during the period, with net outflows of around $100 million.
Ether (ETH), the second-largest crypto asset by market capitalization, has also been gaining traction in US-listed spot ETFs, with these funds posting a 10-day inflow streak totaling $633.6 million, according to Farside.
Related: Market maker GSR launches first ETF tracking Bitcoin, Ether and Solana
Last week, broader ETH investment products recorded their strongest week since January, finally flipping to positive flows year-to-date, according to CoinShares.
The ongoing recovery in spot markets came as the Crypto Fear & Greed Index surged to 46 for the first time since late January. Still, the index remains in “fear” territory, as Bitcoin remains down about 11% year-to-date
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