Data from the trading session on February 26th show that investors pumped a whopping $519 million net into spot Bitcoin ETF products, taking the total net inflows over $6 billion.
Grayscale’s ETF led the outflows, with a net of over $22 million leaving the manager’s holding. Notably, the outflows marked a fourth consecutive trading day decline, having posted $199.3 million, $55.7 million, and $44.2 million in the last three sessions before Monday.
Fidelity, ARK See Good Gains
Fidelity’s FBTC had the highest single-day inflow of $243.25 million, surprisingly overtaking long-time leader BlackRock. Cathie Wood’s Ark Invest also toppled IBIT, seeing a $130 million cash injection into its ETF product.
BlackRock saw approximately $112 million in net inflow, taking its total value to $6.02 billion. Bitwise, Invesco and VanEck saw moderate gains, while Valkyrie netted nothing on the day. The combined holdings of BlackRock and Fidelity are just $420 million shy of Microstrategy’s entire Bitcoin bag.
Grayscale Selling Exhaustion Kicks In
Since the ETF approval in January, Grayscale’s GBTC has been the primary source of outflows on the product. Its outflow dragged the Bitcoin price close to $40,000 in the early stages before BlackRock and Fidelity picked up trading volume.
However, selling exhaustion has kicked in recently, with the Genesis-affiliated asset manager seeing a notable reduction in daily outflows. The last time Grayscale saw an outflow of over $200 million was in January, signaling a sentiment switch among GBTC holders. The manager posted its lowest outflow of $22.4 million on Monday as Bitcoin blew past $56,000.
