Spot Bitcoin ETFs in the United States experienced a turnaround as net inflows of $116.8 million were recorded last week, following four consecutive weeks of outflows exceeding $1 billion. Fidelity’s FBTC dominated last week’s net inflows, attracting $111.3 million, followed by Ark Invest’s ARKB, which generated $82.8 million. BlackRock’s spot Bitcoin ETF, IBIT, experienced a slowdown in recent weeks, seeing its first net daily outflows on May 1. Nevertheless, IBIT secured $48.1 million in net inflows, ranking third for the week.
Grayscale’s Bitcoin Trust was the only spot ETF to witness net outflows, with $171.1 million exiting the fund. Interestingly, Grayscale’s trust broke its streak of outflows with $63 million of net inflows on May 3, followed by an additional $3.9 million on Monday.
The overall flow of funds into spot Bitcoin ETFs has significantly decreased since peaking on March 12 at a net daily inflow of $1.05 billion. Following the peak, Bitcoin’s price experienced a 23% decline from its all-time high of $73,836 on March 14, hitting $56,900 on May 1 before recovering. Presently, Bitcoin is trading around $62,800, gaining almost 2.80% over the past 24 hours.
Despite the reversal in flows, trading volume for U.S. spot Bitcoin ETFs declined to $7.4 billion last week, compared to the previous week’s $11 billion. Similarly, the global crypto exchange-traded product market saw a drop to $8 billion last week from an average of $17 billion in April. However, cumulative trading volume for U.S. spot Bitcoin ETFs surpassed $250 billion since their launch on January 11, reaching a total of $254 billion last week.