Bitcoin Spot ETFs On 15-Day Inflow Streak As Wisconsin Starts Buying Bitcoin

Spot Bitcoin BTC/USD exchange-traded funds (ETFs) continued their streak of net inflows, adding another $105 million on June 3, bringing the total net inflow for the period to over $2.28 billion.

What Happened: According to data from SoSoValue, the Grayscale ETF GBTC recorded no net outflow, maintaining its position, while the Fidelity ETF FBTC saw an inflow of $77.0482 million.

Additionally, the Bitwise ETF BITB attracted $14.3145 million in inflows.

This marked the 15th consecutive day of positive inflows, underscoring growing institutional interest in cryptocurrency investments.

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Why It Matters: The Wisconsin State Investment Board (SWIB) made headlines by adding two spot Bitcoin ETFs—BlackRock's iShares Bitcoin Trust IBIT and GBTC—to its portfolio in the first quarter of this year.

This move, valued at $164 million as of March 31, signifies a significant shift as major institutions, including pension funds, begin to explore crypto assets.

David Krause, a finance professor at Marquette University, commented on this development, highlighting Wisconsin’s innovative approach, according to Coindesk.

"Wisconsin's investment board has always been innovative. This is a fully funded pension fund so in a way, they have the luxury of being able to invest for the long term," Krause said in an interview with PBS Wisconsin.

He noted that while the current holdings represent just 0.1% of SWIB’s $156 billion in assets, this investment could pave the way for larger allocations in the future.

Krause suggested that the SWIB’s initial investment is likely a “toe in the water,” anticipating that the board will increase its crypto holdings and that other pension funds may follow suit.

"I think it's just an entry point. They're using it as a trial run, because it really is not going to impact the portfolio substantially until you get to maybe a 1% or 2% positioning," he explained.

This trend is mirrored across the institutional landscape, with nearly 500 institutional investors revealing allocations into spot Bitcoin ETFs in the first quarter.

The largest investor, hedge fund Millennium Management, disclosed $2 billion in holdings across various Bitcoin ETFs, representing roughly 3% of its total assets under management.

What’s Next: For further insights into the evolving digital assets landscape, industry experts will gather at the Benzinga Future of Digital Assets event on Nov. 19.

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