Bitcoin ETF Round Up June 5: Product Extends Streak to 17 Days With $488M Inflow

Red-hot US Bitcoin exchange-traded fund (ETF) products have extended their net inflow streak to 17 days, recording $488 million on June 5. The funds saw their second-best positive flow since March 27 after an impressive $887 million single-day inflow on June 4.

The inflow on June 5 brought the total Bitcoin holding by US ETF products to $15.34 billion after just 101 trading days. The 17-day inflow streak matched the longest streak the Bitcoin product has seen since its early days between January and February.

Fidelity, BlackRock Led Inflow

Data from SosoValue showed that Fidelity’s FBTC led the inflow on June 5, recording a single-day positive flow of $221 million. Second on the flow pecking order is BlackRock’s IBIT, which saw a single-day inflow of $155 million.

Ark Invest’s ARKB saw a positive flow of $71 million, taking its net asset to $3.58 billion. BitWise’s BITB saw a net inflow of $19 million, as inflows seem to have peaked again.

Grayscale’s GBTC saw a net inflow of $15 million on Wednesday, marking a second consecutive day of positive flow. Larry Fink-led BlackRock recently overtook Grayscale to become the highest Bitcoin spot ETF issuer, with over $21 billion in net assets.

Supply Shock Imminent

On June 4, bitcoin miners produced 450 bitcoins, while US ETF products purchased a staggering 12,508 bitcoins. Issuers also purchased 6,912 BTC on June 5, more than 27x and 15x more than miners produced on the day.

If demands were to continue in this manner, Bitcoin would soon become scarce. The amount of Bitcoin in exchanges has continued to decline as holders are accumulating the asset rapidly.

The incessant inflow has yet to impact the Bitcoin price, as the asset has continued to hover around $70,000. At press time, Bitcoin is trading at $70,980 with a market cap of $1.4 trillion. Bitcoin is still 4% below its all-time high of $73,738.