Key facts
- U.S. spot bitcoin ETFs saw $85.8 million in inflows on Friday, ending a five-day outflow streak.
- The funds experienced net redemptions of approximately $315.8 million for the week.
- BlackRock's IBIT and Fidelity's FBTC were the top buyers on Friday.
- Spot ether ETFs had outflows of $4.9 million on Friday and $14.9 million for the week.
- The cumulative net inflows for ether ETFs now exceed their net assets by $2.0 billion on a mark-to-market basis.
U.S. spot bitcoin exchange-traded funds (ETFs) experienced inflows totaling $85.8 million on Friday, breaking a five-day streak of outflows. This positive movement occurred despite the funds still ending the week with net redemptions of approximately $315.8 million. The preceding outflow streak, which concluded on Thursday, had seen about $727.4 million withdrawn from these products, with June 5 marking the worst day at $325.7 million.
BlackRock's iShares Bitcoin Trust (IBIT), the largest bitcoin ETF by assets under management, led Friday's buying with $57.7 million, followed by Fidelity's FBTC, which saw $18.0 million in inflows. No bitcoin ETF funds posted net outflows on Friday.
However, the weekly performance represents a significant slowdown in selling compared to previous weeks. The prior week saw outflows of about $1.7 billion, and the week before that recorded $1.4 billion in redemptions. The week of May 22 was the worst since late January, with $1.26 billion in redemptions.
IBIT continues to be the largest fund, holding $48.7 billion in net assets. Its Bitcoin holdings represent approximately 3.8% of the cryptocurrency's circulating supply. The current gap between the fund's net assets and its cumulative net inflows is about $13.4 billion, a substantial increase from the $3.7 billion gap noted in May, reflecting Bitcoin's price decline.
In contrast, spot ether ETFs continued to face outflows. On Friday, these funds saw redemptions of $4.9 million, marking their fourth consecutive day of outflows. For the week, ether ETFs lost approximately $14.9 million, although an inflow of $82.4 million on Monday helped offset some of these losses.
The total assets under management for spot Ethereum ETFs have fallen below their level from one year ago. The category's $11.2 billion in cumulative net inflows now exceeds its $9.2 billion in net assets, leaving the funds about $2.0 billion underwater on a mark-to-market basis.