US Spot Bitcoin ETFs Record Fourth Day of Consecutive Inflows Exceeding $100M as Franklin Templeton Climbs the Ranks

Uncertain market conditions have failed to deter institutional investors as U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) post yet another day of net positive inflows.

Key Takeaways

Despite the turbulent market conditions, U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) continue to experience net positive inflows.

There is strong competition among BTC ETF funds, with smaller issuers like Franklin Templeton making significant gains in the ranks.

Inflows Highlight

Institutions are showing strong preference for BTC, with U.S. spot ETF inflows surpassing $100 million for the fourth trading day in a row.

On July 10, spot BTC ETFs recorded a total of $147.4 million in net inflows, as noted by Farside Investors. The Fidelity Wise Origin Bitcoin Fund (FBTC) led the inflows with $57.8 million, followed by Franklin Bitcoin ETF (EZBC) with a notable $31.7 million, marking its highest gain since early May.

The BlackRock iShares Bitcoin Trust (IBIT) saw a decreased inflow of $22.2 million. However, IBIT drove a total of $308.2 million in inflows for both July 9 and 10.

CoinShares Valkyrie Bitcoin Fund (BRRR) also had a strong day, adding $20.7 million to its coffers. Meanwhile, the Grayscale Bitcoin Trust (GBTC) had another day of outflows, though minimal at $8.1 million.

Bitcoin ETF Inflows and Outflows

“One of the more surprising results is how IBIT managed to pull in more capital in a single day (9th July) than the vast majority of other ETF products that have launched this year,” said Nate Geraci, President of ETF Store.

Moreover, as highlighted by Geraci, U.S. spot BTC ETFs have gathered $15 billion so far, outpacing thousands of other ETF products, except for about a hundred or so. IBIT alone has seen $18.07 billion in net inflows, while GBTC has seen $18.62 billion in net outflows.

In about six months, GBTC went from a dominant market position with over $30 billion in assets under management (AUM) to now being in second place with $15.69 billion in net assets.

BlackRock's IBIT now holds the top spot with $17.98 billion in net assets, and FBTC is climbing the ranks with a net inflow of $9.57 billion and over $10 billion in net assets.

GBTC's Losing Streak Continues

notably, the second-largest fund by AUM, GBTC, continues to see outflows. Many attribute this to GBTC's high fee of 1.5%, which is six times higher than most other funds with fees of 0.25% or less.

With BTC price still trading under $60,000 and trading volumes being exceptionally high, the flow data may suggest that investors are moving out of GBTC to secure other funds with lower fee rates.

Since its launch, GBTC has only seen net inflows for nine days and has averaged daily outflows in the hundreds of millions.

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