The United States spot Bitcoin (BTC) exchange-traded funds (ETFs) have seen 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, according to early 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 the funds have seen since March 12, when they took in a record $1.04 billion. Bitcoin hit an all-time high of $73,679 a day later on March 13.
Farside data reported the Grayscale Bitcoin Trust (GBTC) saw a rare inflow day at $28.2 million, the seventh time it’s seen an inflow 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 management fee of 1.5% and its narrowed discount that saw many holders seeing an opportunity to exit.
Grayscale’s Bitcoin 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, according to the Apollo Bitcoin Tracker.
ETF Store president Nate Geraci hit back at Bitcoin critics on X who he said claimed the Bitcoin ETFs 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?”
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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 joined the market months after the others had launched and has struggled to see inflows.
The Bitcoin ETFs 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 Bitcoin has rallied 2.9% to $71,000 over the last 24 hours, according to CoinGecko.
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Update (June 5, 4:20 am UTC): This article has been updated to add information throughout.
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