Bitcoin ETF Inflows Hit $388.3 Million Amid Middle East Tensions
US-based spot Bitcoin exchange-traded funds (ETFs) recorded $388.3 million in inflows on Wednesday, marking the eighth consecutive day of fresh capital entering the products despite initial market jitters from the ongoing Israel-Iran conflict.
BlackRock and Fidelity Dominate Inflows
According to Farside Investors data, BlackRock’s iShares Bitcoin Trust (IBIT) saw the largest inflow at $278.9 million, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $104.4 million. The Bitwise Bitcoin ETF (BITB) also recorded inflows, albeit at a smaller pace, of $11.3 million.
Crypto analytics platform Santiment noted the persistence of institutional confidence, pointing to Bitcoin’s ability to hold within the $104,000-$105,000 range despite geopolitical uncertainty. In a June 18 X post, Santiment cited a “risk-off, then stabilize” pattern resembling Bitcoin’s reactions to the Russia-Ukraine invasion in February 2022 and the Israel-Palestine conflict in October 2023.
“Despite the initial panic, Bitcoin has remained in the $104K-$105K range, aided by consistent ETF inflows and a lack of follow-through in military actions, mirroring the typical ‘risk-off, then stabilize’ pattern seen in previous geopolitical crises.”
Key competitors, including Ark Invest, Invesco, Franklin Templeton, Valkyrie, VanEck, and WisdomTree, did not record positive inflows on Wednesday.
Grayscale Bitcoin ETFs Experience Outflows
The Grayscale Bitcoin Trust ETF (GBTC) saw net outflows of $16.4 million, while its low-fee counterpart, Grayscale Bitcoin Mini Trust, lost $10.1 million.
Robust Inflow Trend Continues
Spot Bitcoin ETFs have seen significantly increased inflows this year. Since April 17, they have attracted $11.2 billion in inflows, with only eight days of outflows during this period. The price of Bitcoin has correspondingly climbed from below $85,000 to recently surpassing $104,950.
Total assets in the 11 approved spot Bitcoin products exceed $46.3 billion, predominantly driven by BlackRock’s IBIT ($50.6 billion) and Fidelity’s FBTC ($11.5 billion), despite substantial outflows from Grayscale’s GBTC ($23.2 billion).
Ethereum ETF Activity Persists
Activity has also remained strong for US spot Ethereum (ETH) ETFs, which held a 19-day inflow streak before Wednesday’s inflows. BlackRock’s iShares Ethereum Trust (ETHA) continues to lead this segment, with no recorded outflows since May 7, despite net cumulative inflows of $5.28 billion.
The SEC’s Crypto Task Force exploring protocol staking as a non-securities activity could pave the way for future staking-enabled Ethereum ETFs.
