Bitcoin Spot ETFs See Nine Consecutive Days of Inflows, Surpassing $1.75 Billion
Recent data reveals that Bitcoin spot market ETFs have experienced nine straight days of inflows, totaling over $1 billion.
According to data from London-based investment firm Farside Investors, Bitcoin ETFs have seen positive inflows every day since May 14, amounting to more than $1.75 billion. The largest inflows were recorded on May 15 and May 21, with $303 million and $305.7 million, respectively.
The data also indicates that the Grayscale Bitcoin Trust (GBTC) was the only Bitcoin ETF to experience outflows during this nine-day period. On May 14, GBTC saw outflows of $50.9 million, followed by $16.1 million on May 22 and $13.7 million on May 23.
Additionally, Farside’s data highlights that the single largest inflow occurred on May 21, when the iShares Bitcoin Trust (IBIT) received an inflow of $290 million.
Earlier this year, Bitcoin spot market ETFs finally received approval from the U.S. Securities and Exchange Commission (SEC). This approval came after years of rejections, with a judge ruling that the SEC must reconsider its stance to remain consistent with previous decisions.
Bitcoin ETFs provide consumers with exposure to the largest cryptocurrency by market cap without the need to purchase it directly. Earlier this month, it was revealed that the largest U.S. hedge funds collectively hold Bitcoin ETFs worth over $2.6 billion.
“Among the largest 25 U.S. hedge funds, 12 collectively hold over $2.6 billion in Bitcoin ETF exposure. Additionally, 11 of the largest 25 registered investment advisors also hold significant exposure. Bitcoin represents a trillion-dollar asset class,” an expert noted.
As of this writing, Bitcoin is trading at $68,740, showing a slight increase over the past 24 hours.
