Spot bitcoin ETF prices continued rallying Friday on the back of their first inflows this week as bitcoin rebounded above $60,000.
Spot bitcoin ETFs recorded $194.6 million in inflows on Thursday, driven by BlackRock's iShares Bitcoin Trust, according to Farside Investors data. The iShares Bitcoin Trust recorded $157.6 million in inflows Thursday, followed by a $118.5 million increase to WisdomTree Bitcoin Fund flows. The Fidelity Bitcoin Trust generated $65.2 million in inflows Thursday while the ARK 21Shares Bitcoin ETF recorded $32.8 million in inflows.
The gains were offset by $182.9 million in outflows from the Grayscale Bitcoin Trust.
The spot bitcoin ETFs recorded $45.1 million in inflows on Wednesday, driven by BlackRock. The iShares Bitcoin Trust saw $52.5 million in inflows Wednesday, offset by $30.6 million in outflows from the Grayscale Bitcoin Trust.
The WisdomTree Bitcoin Fund generated $10.5 million in inflows Wednesday and the Bitwise Bitcoin ETF had $3 million in inflows. Grayscale's Bitcoin Mini Trust, which launched July 31, saw $9.5 million in inflows Wednesday.
Flows for the remaining spot bitcoin ETFs were flat Wednesday.
Investors had been unloading their spot bitcoin ETF holdings prior to Wednesday's bump. The spot bitcoin ETFs saw $554.4 million in outflows the three previous trading days, with $237.4 million in outflows on Aug. 2.
Since their Jan. 11 launch, the spot bitcoin ETFs collectively generated $17.43 billion in inflows. The iShare Bitcoin Trust has been the clear leader at $20.3 million in inflows. But the gains have been offset by $19.37 billion in outflows from GBTC.
Bitcoin Rebound
Meanwhile, bitcoin rallied as high as $62,622 early Friday after tumbling as low as $49,000 amid Monday's market sell-off.
JPMorgan said the recovery was primarily supported by institutional investors, which limited de-risking from bitcoin futures during Monday's crash, The Block reported Thursday. JPMorgan's futures-position indicator, which tracks open interest for CME bitcoin futures contracts, indicates a bullish outlook from institutional investors, the note said. Meanwhile, the higher bitcoin futures price premium over spot also suggests confidence from futures investors, JPMorgan said.
Elsewhere, Morgan Stanley on Wednesday started allowing its financial advisors to pitch the iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin Fund, CNBC reported last week. Morgan Stanley is the first major Wall Street firm to actively solicit the bitcoin funds to clients. Merrill Lynch, UBS and Wells Fargo currently only offer the bitcoin funds to clients that ask.
Bitcoin Price Action
Bitcoin traded around $60,600 Friday morning, up 5.5% over the last 24 hours.
The crypto jumped about 8.5% Thursday to trade around $59,550 in the afternoon - its largest percentage increase since March 13, 2023 when bitcoin gained 15.6%. BTC is up 44% in 2024 and had touched a high of $73,798 in March.
The spot bitcoin ETFs jumped about 8.6% Thursday amid the crypto rebound. Shares of the bitcoin ETFs advanced another 2% early Friday.
Bitcoin miner Marathon Digital rallied 9.8% Thursday, while CleanSpark leapt 10.4% and Hut 8 spiked 11.6%. Shares rose modestly Friday morning.
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