The popularity of Spot Bitcoin ETFs continues to rise, with Farside UK data showing net inflows of $31.6 million on Tuesday, April 23. BlackRock’s iShares Bitcoin Trust (IBIT) and Ark 21Shares Bitcoin ETF (ARKB) were the main contributors to this surge. However, Grayscale’s GBTC Bitcoin ETF experienced higher outflows on the same day.

Positive Flows for Spot Bitcoin ETFs for the Second Consecutive Day

The IBIT ETF saw inflows of $37.9 million, while the ARKB Bitcoin ETF had a net inflow of $33.3 million. The Bitwise BTC ETF (BITB) followed closely with $23.2 million in inflows, indicating sustained investor interest in crypto exposure through regulated investment vehicles.

However, the Fidelity Wise Bitcoin ETF (FBTC) faced challenges, with only $4.4 million in inflows, signaling a temporary setback for the fund. Grayscale Bitcoin Trust (GBTC) also experienced a significant increase in outflows, reaching $66.9 million from the $35 million recorded on Monday.

Net Inflows for Spot Bitcoin ETFs Decrease by Nearly 50% from the Week’s Start

The net inflows for the 11 Spot Bitcoin ETFs declined by almost 50% from the week’s start. On Monday, these ETFs attracted an influx of $62.2 million, largely influenced by the decrease in FBTC inflows and the increase in GBTC outflows.

Despite the Sideways Action, Bitcoin ETFs Remain Active Participants

For three consecutive days, these ETFs bought over 100% of the total BTC mined in a day after the Halving. Since last Friday, the net purchase of Bitcoin ETFs includes 2,177 BTC. Excluding GBTC outflows, the purchase amounts to 4,468 BTC.

Bitcoin Price Maintains a Sideways Trajectory, but BTC ETFs Stay Active

The Bitcoin price has been moving sideways, but the BTC ETFs remain active participants. Tether’s continued accumulation of Bitcoin and El Salvador’s daily acquisition of 1 BTC are expected to positively influence the BTC price.

Bitwise CEO Highlights RIA Adoption of Crypto

Bitwise CEO Hunter Horsley highlighted the growing adoption of BTC and crypto among Registered Investment Advisors (RIAs). Three RIAs overseeing AUM ranging from $100 million to $2 billion each, serving hundreds of families, have made significant moves towards integrating digital assets into their portfolios. The outlined allocations include proposals for a 2% allocation to Bitcoin for all clients and discretionary allocations ranging from 3% to 10%. They also propose a 2.5% allocation to Bitcoin and crypto equities integrated into investment models.

Horsley shared an email receipt from a prominent RIA expressing their intention to utilize Bitwise investment solutions such as BITB, BITW, and BITQ, signaling a broader adoption of Bitwise’s diversified approach to digital asset investment. He added that Bitwise, known for offering a range of investment solutions in the crypto space, now finds itself increasingly embraced as a partner by advisors.