Spot Bitcoin ETFs Record $2.22B Weekly Inflows, Extending Inflow Streak to Three Weeks

United States spot Bitcoin exchange-traded funds (ETFs) saw an impressive inflow of $2.22 billion during the trading week of June 23 to June 27. This influx marks three consecutive weeks of steady inflows. Despite price fluctuations triggered by the Iran-Israel conflict, institutional investors have demonstrated their confidence in the leading crypto asset. 

At press time, Bitcoin was trading at $107,736, representing a mild 0.3% increase in the last 24 hours and a 5.8% surge in the last 7 days. 

Spot Bitcoin ETFs See $2.22B Inflow 

According to on-chain data from SoSoValue, BlackRock’s IBIT fund emerged as the primary beneficiary of last week’s inflows. It amassed a substantial weekly net inflow of $1.31 billion. Currently, IBIT’s total historical net inflow has reached $52.31 billion. 

Trailing IBIT was Fidelity’s ETF FBTC, with a weekly net inflow of $504 million. This brings FBTC’s total historical net inflow to $11.96 billion. However, the week was not universally good for the funds as Grayscale ETF GBTC witnessed a net outflow of $5.69 million. The total net outflow of GBTC in history has now reached $23.25 billion.

The latest data brings the cumulative net inflow of US spot Bitcoin ETFs to $48.87 billion since they started trading on January 11, 2024.  Moreover, the products currently have a net asset value (NAV) of $133.17 billion. This massive influx demonstrates that institutional interest in the product remains strong. The rapid growth positions these funds among the most successful ETF launches ever. 

Ethereum ETFs Show Resilient Growth

Similarly, spot Ethereum ETFs pulled in approximately $283 million during the same week. This marks their seventh consecutive week of positive inflows. Though far behind Bitcoin’s magnitude, the Ethereum inflow streak signals enduring institutional interest in ETH as a diversified crypto exposure.

Notably, Ethereum has been receiving significant attention in the crypto market. Last week, transaction fees on the network surged by over 130%. The spike is attributed to increased participation from institutional entities in DeFi protocols and a rise in smart contract executions.

The continued influx of institutional capital and network activity underscores growing confidence in the largest altcoin, despite uncertain market conditions. Ethereum is currently priced at approximately $2,475, reinforcing this bullish sentiment.