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In Brief

• US spot Bitcoin ETFs recorded inflows for 13 consecutive days amid sideways pricing.
• Institutional demand is increasingly channelled through treasury and OTC routes.
• Revised Dogecoin and Aptos ETF filings suggest regulatory momentum building.

US Bitcoin ETFs Post 13-Day Inflow Streak Despite Flat Prices

US spot Bitcoin exchange-traded funds (ETFs) reached a significant inflow milestone recently, experiencing their longest consecutive inflow streak since December 2024. Over the course of 13 trading days, these funds attracted nearly $3 billion in inflows, demonstrating sustained investor interest even as the underlying Bitcoin price held relatively steady near the $107,000 mark.

The inflows continued impressively even as Bitcoin posted a slight 0.4% decline over the last 24 hours according to CoinGecko data. Notably, the US market saw its largest single-day inflow for June on Wednesday, with $588.6 million recorded. This surge extended a current weekly total inflow exceeding $1.2 billion, which itself extends an unprecedented consecutive weekly figure.

BlackRock’s IBIT maintained its position as the top recipient on Thursday, attracting $163.7 million. Fidelity’s FBTC followed with $32.9 million in net new assets, while Bitwise’s BITB secured $25.2 million, all figures provided by Farside Investors. Other notable, though smaller, inflows were registered by ARKB and BTCO, while Grayscale’s GBT and several smaller ETFs recorded minimal movement.

The persistence of inflows points towards growing institutional appetite for crypto investment vehicles. Market observers note that managers often utilize over-the-counter channels to execute purchases, thus minimizing negative impacts on spot prices. This aligns with analysis indicating the primary drivers are long-only fundamental investors rather than basis arbitrage traders, whose profitability is less clear at present.

Growing Demand Across Digital Assets

While Bitcoin remains a primary focus for institutional capital, attention is shifting towards the next generation of regulated crypto products. There’s increasing confidence in the prospects for altcoin ETF approvals based on recent SEC interaction and ongoing rulemaking processes.

Dogecoin and Aptos represent the most recent examples of cryptocurrencies attracting scrutiny from major ETF providers. Draft S-1 filings submitted by exchange operators Coinbase (DLX) and iShares parent BlackRock via Dell and OSL respectively have revised and reportedly improved their utility arguments. Previously dismissed applications are now being reconsidered under evolving regulatory frameworks.

Eric Balchunas of Bloomberg ETFs highlighted the apparent shift in the SEC’s approach: “Everything we’re hearing is even more optimistic than what we heard during the Bitcoin saga.” He now predicts better than a 95% probability for the approval of Solana and Litecoin ETFs, with XRP and Dogecoin each receiving greater than 90% odds based on rule changes from entities like Bitwise.

One analyst also drew attention to the broader cycle. “In this cycle, there is a definite trend of Bitcoin moving from retail to institutions,” noted Arjun Vijay, founder of Indian crypto exchange Giottus, observing capital flows appear reversed between institutional accumulation channels (via treasury/OGO/structured products) and retail activity.

Though referencing Bitcoin’s notable success (which has seen over $40 billion attracted since ETF launch), Ganesh Mahidhar from Further Ventures cautioned against viewing all recent cumulative inflows through an ETF-specific lens, suggesting real buying perhaps occurs through alternative institutional channels less visible in ETF metrics.