US spot bitcoin ETFs approach $50B in total net inflows after $1B rebound over two days

The U.S. spot Bitcoin exchange-traded funds have bounced back to record more than $1 billion worth of net inflows over the past two days, returning to a positive trend interrupted by $342.2 million in net outflows on Tuesday.

The combined ETFs generated $407.8 million in net inflows on Wednesday, followed by another $601.8 million on Thursday, according to data compiled by The Block. Fidelity's FBTC dominated the two days, adding $184 million and $237.1 million, respectively. BlackRock's typically dominant IBIT fund had an unusually quiet start to July, with two consecutive days of zero flows for the first time since April, but returned to add $224.5 million on Thursday.

Prior to Tuesday's outflows, the combined Bitcoin ETFs notched up a 15-day net inflow streak totaling $4.7 billion, with BlackRock's IBIT accounting for $3.8 billion or 81% of the net inflows. 

As a result, the U.S. spot Bitcoin ETFs have now generated nearly $50 billion in cumulative net inflows since their debut in January 2024 and $14.5 billion year-to-date. The funds are nearing $128 billion in assets under management amid the concurrent price rise, led by IBIT's $73.6 billion in AUM, per The Block's Bitcoin ETF Tracker page.

BlackRock's continued dominance

"The nearly $75 billion iShares Bitcoin ETF has only one month of outflows since Jan 2024 launch," Nate Geraci, president of NovaDius Wealth Management (formerly The ETF Store) said on Thursday. "Now generates more fee revenue for BlackRock than the iShares S&P 500 ETF. Simply a machine."

"IBIT is now the 3rd highest revenue-generating ETF for BlackRock out of 1,197 funds, and is only $9 billion away from being #1," Bloomberg Senior ETF Analyst Eric Balchunas added. "Just another insane stat for a 1.5yr old (literally an infant) ETF."

The Bitcoin ETFs also witnessed their highest daily volume since May on Thursday, generating $5.3 billion, again led by $4.1 billion for BlackRock's IBIT. Cumulative trading volume since their debut now stands at over $1 trillion.

To put that in perspective, spot Bitcoin ETF volumes now account for around 28% of total spot BTC market volume.

Meanwhile, the U.S. spot Ethereum ETFs saw $148.5 million in net inflows on Thursday, led by $85.4 million into BlackRock's ETHA fund. Total net inflows for the Ethereum funds, which launched later in July 2024, currently stand at $4.4 billion. REX Shares and Osprey Funds' Solana staking ETF, which debuted this week, attracted $11.4 million in net inflows on its first day of trading, according to Farside.

Risk-on sentiment intact

The substantial inflows into the Bitcoin ETFs over the past couple of days coincide with positive price action for the foremost cryptocurrency, bouncing 5% from around $105,000 to briefly surpass the $110,00 level again on Thursday before correcting. Bitcoin is currently trading for around $108,875, according to The Block's BTC price page.

"This continued wave of institutional demand shows risk-on sentiment is intact, even as BTC approaches all-time highs," BRN Lead Research Analyst Valentin Fournier told The Block. "Bitcoin dominance rose to 64.6%, historically a level that precedes altcoin outperformance. A reversal here could trigger altseason, especially if BTC consolidates near ATH levels."

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