Bitcoin Spot ETF Records Consecutive Weeks Of Inflows As Investor Confidence Grows
May 25 2024 - 11:50AM
NEWSBTC
Ethereum exchange-traded funds (ETF) have been the talk of the town
– and rightly so – after the United States Securities and Exchange
Commission (SEC) approved the listing of the investment products
during the week. Meanwhile, the Bitcoin spot ETF market continued
its resurgence on one side, marked by a second consecutive week of
positive inflows. This streak of positive inflows represents a
complete shift from previous weeks when investment activity was
dangerously low. However, this recent turnaround reflects a rise in
investor confidence over the past two weeks. Bitcoin Spot ETF: $252
Million In Net Inflows In One Day On Friday, May 24, the US Bitcoin
spot ETF market saw another day of positive inflows, marking the
10th consecutive day of significant investment into these funds.
According to data from SoSoValue, the market recorded a total net
inflow of approximately $252 million to close the week. Related
Reading: Lido (LDO) Takes The Lead With 13% Surge Post Ethereum ETF
Approval – Key Levels To Watch Breaking this down, BlackRock
amassed a substantial percentage of the total daily investment,
with the IBIT ETF posting an inflow of $182 million. Grayscale
Bitcoin Trust (GBTC), on the other hand, did not attract any
capital on Friday, ending the week with zero daily outflows and
inflow. Other ETF issuers, such as Fidelity, Bitwise, and ARK
Investment, also witnessed impressive inflows on Friday. Most
notably, Fidelity’s FBTC came second to BlackRock’s fund after
attracting about $43.7 million on the last day of the week. More
importantly, this positive inflow day means that the Bitcoin spot
ETF market has amassed significant investment every day for the
second week in a row. And after the close of Friday’s trading
session, the net inflow in the past week stood at an impressive
$1.06 billion. This sustained positive trend in terms of capital
inflow suggests that investor confidence in Bitcoin ETFs might be
back at an all-time high. The last time there was a consistent
positive capital inflow into these products, the Bitcoin price rose
to a new all-time high. With Ethereum spot ETFs on the brink of
trading in the US, crypto exchange-trade products seem to be in
fashion at the moment. And they might just be the catalyst that the
crypto market – particularly Bitcoin – needs to resume what is left
of the bull cycle. Bitcoin Price At A Glance As of this writing,
Bitcoin is valued at $68,868, reflecting a 2.5% price increase in
the last 24 hours. According to data from CoinGecko, the premier
cryptocurrency is up by 3% on the weekly timeframe. Related
Reading: Bitcoin Bulls Gain Breathing Room As Long-Term Holder
Activity Eases – Glassnode Featured image from iStock, chart from
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