US spot bitcoin ETFs post ninth consecutive day of net inflows

The 11 U.S. spot bitcoin exchange-traded funds saw $53.35 million in total daily net inflows on Wednesday, extending the positive streak to its ninth day. However, Wednesday’s net inflows were significantly lower than Tuesday’s $422 million.

BlackRock’s IBIT posted the largest net inflows of the day, drawing in $110.37 million, according to SoSoValue data . The largest spot bitcoin ETF in terms of net asset value saw $1.21 billion worth of trade volume on Wednesday. The only other fund that posted net inflows was Fidelity’s FBTC, which reported $2.83 million.

On the other hand, Grayscale’s GBTC saw $53.86 million net outflows, along with $6 million outflows from Bitwise’s BITB. Remaining seven funds, including Ark Invest and 21Shares’ ARKB, reported zero flows yesterday.

A total of $1.79 billion worth of value was traded on the U.S. spot bitcoin funds on Wednesday. The level of trade volume remains significantly lower than that of March, when over $8 billion was traded on some days. The ETFs have accumulated a total net inflow of $16.59 billion since launching in January.

The price of bitcoin inched down 0.42% in the past 24 hours to trade at $64,776, according to The Block’s bitcoin price page . 

On Wednesday, U.S. ETF issuers BlackRock, Fidelity, Grayscale, Bitwise and others unveiled their fee rates for the upcoming spot Ethereum ETFs. BlackRock set its fee at 0.25%, as several other issuers set their rates at a similar level. Grayscale, however, set its fee for the Grayscale Ethereum Trust at 2.5%, significantly higher than the other issuers.