In brief
- U.S. Bitcoin ETFs saw 13 straight days of inflows, adding nearly $3 billion despite flat prices.
- Analysts point to growing institutional demand via treasury and OTC channels.
- Meanwhile, revised Dogecoin and Aptos filings signal rising odds of altcoin ETF approvals.
U.S. spot Bitcoin exchange-traded funds are experiencing their longest inflow streak since December 2024, bringing in over $2.9 billion over 13 consecutive trading days, while regulatory momentum builds for other digital asset approvals within the next four months.
The ETFs recorded their largest single-day inflow for June on Tuesday with $588.6 million, extending an unprecedented streak to $1.2 billion this week alone.
BlackRock’s IBIT once again led inflows with $163.7 million on Thursday, while Fidelity’s FBTC added $32.9 million and Bitwise’s BITB attracted $25.2 million, according to Farside Investors data.
Other major funds, including Ark’s ARKB and Invesco’s BTCO, reported more modest inflows, while Grayscale’s GBT and several smaller ETFs saw no meaningful activity.
The sustained inflows indicate a growing institutional appetite for crypto investment products, particularly as ETF managers increasingly execute purchases through over-the-counter channels to minimize price impact.
“ETF flows are largely driven by two types of investors: Long-only fundamental investors and basis arb traders,” Peter Chung, head of research at Presto Labs, told Decrypt.
But with basis arbitrage less attractive at present, Chung believes, “most of the ETF flows are driven by long-only fundamental investors.”
The 13-day stretch has brought nearly $3 billion into Bitcoin ETFs, even as Bitcoin (BTC) itself trades sideways near $107,374, down 0.4% over the past 24 hours, according to CoinGecko.
“ETF managers can execute their purchase via OTC transactions, thus without impacting spot price too much,” Chung said. “On-chain data indicates Bitcoin held by short-term holders (less than 155 days) has fallen rapidly in the last two months, suggesting short-term traders have been selling aggressively in the market.”
Demand all around
While Bitcoin continues to attract institutional capital, momentum is quietly building around the next frontier of crypto investment products.
Bloomberg ETF analyst Eric Balchunas previously told Decrypt the revised Dogecoin and Aptos ETF filings and rule changes from Bitwise reflect a “completely new attitude” from the U.S. Securities and Exchange Commission, with far more consistent engagement than what issuers experienced ahead of the Bitcoin ETF approvals.
“Everything we’re hearing is even more optimistic than what we heard during the Bitcoin saga,” Balchunas said on Thursday.
He forecasts better than 95% probability for Solana, XRP, and Litecoin ETF approvals, with 90% odds for Dogecoin authorization.
Since Bitcoin ETFs were launched 18 months ago, they've attracted over $40 billion, according to Arjun Vijay, founder of Indian crypto exchange Giottus.
"In this cycle, there is a definite trend of Bitcoin moving from retail to institutions," Vijay told Decrypt. "Retail is selling while the institutions are buying."
Still, Ganesh Mahidhar, an investment professional at Further Ventures, told Decrypt that ETF inflows are often overstated, noting that real buying is happening through treasury programs and structured products.
Edited by Sebastian Sinclair