Tech
Spot Bitcoin ETFs maintain robust inflows for 8 consecutive days
Since their inception, US-approved Bitcoin spot ETFs have seen an impressive adoption rate. In recent months, more and more investors have joined the bandwagon following the interesting price action of Bitcoin.
As a result, crypto products accumulated a cumulative amount of $154 million in inflows on May 22. This amount was derived from recurring positive inflows for 8 consecutive days.
Spot Bitcoin ETFs witness net inflows for 8 days
Second data From Farside Investors, a London-based investment management firm, BTC spot ETFs saw a total inflow of $154 million on May 22.
BlackRock’s IBIT led the trend with a net inflow of $92 million. Fidelity’s FBTC followed closely with a total inflow of $74.6 million. ARKB, the ETF product of ARK Investment, has accumulated an inflow of $3.5 million.
The last eight days have shown overall positive and steady inflows for products. However, despite the impressive performance of ETFs, the Grayscale ETF performed negatively. GBTC recorded a huge outflow of $16.09 million as of May 22.
The remaining ETFs showed zero activity for the day. Products in this category include Galaxy Digital’s BTCO, VanEck’s HODL, Bitwise’s BITB, Valkyrie’s BRRR, WisdomTree’s BTCW, and Franklin Templeton’s EZBC.
Meanwhile, second SoSoValueAs of May 23, the cumulative holdings of all Bitcoin spot ETFs were $57.29 billion, with IBIT holding a total of $16.17 billion in assets.
Bitcoin Price Rise in Spot Product Adoption
Recent Bitcoin price rallies have contributed to the growth seen in the adoption of spot BTC ETFs. The leading crypto token hit a new all-time high of $73,750 in mid-March.
Although it plummeted after a few days, BTC has surged nearly 5% in recent weeks. As of 11:14 a.m. EST on May 24, Bitcoin trades to $68,357, and its trading volume increased by 5.39% to $38.68 billion.
According to the data, spot Bitcoin ETFs appear to follow the trend of the underlying asset’s price growth. ETFs have opened up an alternative investment path for more investors, and traditional financial entities are now embracing them Spot ETF on BTC.
Second Analyst at K33 Research, as of March 31, approximately 937 US-based professional firms had invested in Bitcoin spot ETFs. These include Millennium Management, a major hedge fund, and Susquehanna International Group (SIG),
Additionally, Bracebridge Capital, a Boston-based hedge fund for universities such as Princeton and Yale, and New York-based Boothbay Fund have invested in the ETFs.
According to the report, Millenium Management and SIG have invested $2 billion and $1 billion respectively in spot Bitcoin ETFs. Similarly, Bracebridge Capital and Boothbay Fund invested approximately $434 million and $377 million, respectively.
Furthermore, the report revealed that these institutional investments hold a total of $11.06 billion, which represents 18.7% of BTC ETF assets under management. Furthermore, he highlighted that ARKB and HODL have the largest institutional capital among other ETFs.
The technical report editorial policy is focused on providing useful, accurate content that offers real value to our readers. We only work with expert writers who have specific knowledge of the topics covered, including the latest developments in technology, online privacy, cryptocurrencies, software and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards and every article is 100% written by real authors.