On May 16, there was a notable increase in inflows for the US spot Bitcoin ETF, reaching $257 million. This surge can be attributed to the rising optimism and enthusiasm surrounding Bitcoin ETFs.
Inflow Into Spot Bitcoin ETF Hits $257 Million in the US
HODL15Capital data shows that Bitwise experienced a sizable net influx of $1.4 million in BITB funds, Franklin's EZBC saw a $4 million net inflow, and Ark Invest's ARKB saw an astounding $62 million net inflow. This is notably Bitwise's biggest influx since its founding.
The same day, Grayscale's Bitcoin ETF (GBTC) saw a net inflow of $5 million, which helped it to post positive results for the fourth day in a row. Significant inflows were also seen in BlackRock's IBIT, which now stands at $93.6 million.
Major Investments in Cryptocurrency ETFs Are Triggered by SEC
Approval The Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January, indicating the first quarter that investors could access such investment vehicles.
This is in contrast to GBTC, which was available prior to its conversion to an ETF. The inflow into spot Bitcoin ETFs has been strong this week, with three days in a row of inflows after two days of moderate outflows the previous week.
Notably, notable firms such as Millennium Management and Schonfield Strategic Advisors, along with major global banks like Morgan Stanley, JPMorgan Chase, Wells Fargo, BNP Paribas, and UBS, have also made investments in these vehicles.
Over 937 professional firms invested over $11 billion in US spot Bitcoin ETFs during the first quarter, according to senior analyst Vetle Lunde of K33 Research, indicating the growing institutional interest in cryptocurrency ETFs.
May 2024, Cryptoniteuae