Inflows were led by Fidelity Wise Origin Bitcoin Fund (FBTC) with a net inflow of $378.7 million. BlackRock’s Bitcoin ETF (IBIT) followed closely behind with net inflows of $274.4 million. In third place was the ARK 21Shares Bitcoin ETF (ARKB), which recorded a net inflow of $138.7 million.

The data also reveals that even Grayscale Bitcoin Trust (GBTC), often seen as an alternative to Bitcoin ETFs, had a rare day of demand, with net inflows of $28.2 million. This marks the seventh day of net inflows for GBTC, which converted from closed fund status to a spot ETF in January. However, GBTC still faces a serious disadvantage due to high management fees. BlackRock’s fund charges a management fee of 0.25%, while GBTC’s rate is 1.5%. Moreover, some competitors also offer fee exemptions. This caused GBTC to experience a total net outflow of over $17.8 billion.

Other Bitcoin ETF issuers such as Invesco Galaxy, Franklin Templeton, WisdomTree and Hashdex did not see any demand on June 4. This could strengthen the dominance of spot Bitcoin ETFs in the market.

Overall, for the 10 Bitcoin ETF issuers, Tuesday, June 4, marked the highest net inflow day since the record $1.05 billion set on March 12. This development is interpreted as a positive sign that the demand for Bitcoin ETFs will continue in the long term.

ETF Store president Nate Geraci responded to criticism of Bitcoin on the X platform. Against claims that demand for Bitcoin ETFs will be negligible, Geraci said, “They told me a few months ago that all the ‘degenerate retail’ investors who wanted to invest had already invested and no one was there anymore. How can this be?” he expressed his surprise.

Bloomberg ETF analyst Eric Balchunas, in his statement on the X platform, noted that there were “large flows” in all other spot Bitcoin ETFs, except Hashdex’s Bitcoin ETF (DEFI). Hashdex’s fund may not have attracted as much attention because it entered the market later.

Previously, on May 3, US-based spot Bitcoin ETFs achieved a 15-day net inflow streak. This increase, combined with the rise in Bitcoin price, helped BlackRock’s iShares Bitcoin Fund (IBIT) surpass $20 billion in assets under management for the first time. According to Balchunas, ETFs attracted approximately $2.4 billion in new investments in the last month. This may be the third-highest amount of net inflows across the entire ETF market.

Finally, Balchunas also commented on the It implies that despite the lull following the initial excitement of the popularity of Bitcoin ETFs, investors are returning and pursuing a long-term investment strategy.