22 May

BlackRock's Bitcoin ETF experienced a significant increase in investment on Tuesday, receiving $290 million in inflows, which accounted for 95% of the total inflow into US spot Bitcoin ETFs. 

In total, these ETFs attracted over $300 million in net inflow. This surge marks a reversal from a six-week period of minimal inflows for BlackRock's ETF, with this single day seeing more investment than the previous 21 trading days combined.

In the past four trading days, spot Bitcoin ETFs collectively received over $1 billion in inflows amidst a volatile Bitcoin market. Since its launch, BlackRock's iShares Bitcoin Trust (IBIT) has garnered $16 billion in inflows according to Farside Investors, although the official website indicates assets under management of $19 billion, bringing it close to industry leader Grayscale's GBTC spot ETF, which boasts $20 billion in assets under management.

Grayscale's GBTC, however, did not experience any inflows on May 21, maintaining a streak of five days without outflows after a consistent four-month period of outflows. On the other hand, the VanEck Bitcoin Trust ETF (HODL) and Bitwise Bitcoin ETF (BITB) saw outflows of $5.9 million and $4.2 million respectively. The Fidelity Wise Origin Bitcoin Fund (FBTC) received a minor inflow of $25.8 million, while others recorded no significant activity.

The recent enthusiasm for Bitcoin ETFs coincides with a 12% increase in Bitcoin prices over the past week, reaching a six-week high of $71,600 on May 21 before dipping below $70,000 on May 22, trading at $69,444 at the time of writing. 

Additionally, anticipation surrounding the potential approval of spot Ethereum ETFs by the Securities and Exchange Commission in the US has contributed to the positive sentiment in crypto markets this week.

May 2024, Cryptoniteuae

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