๐Buckle up, BTC enthusiasts! After a rocky end to April and a tumultuous May 1, Spot Bitcoin ETFs are back on track with a whopping 10 consecutive days of positive flows! ๐
This bullish trend follows BTC's rollercoaster ride, fueled by news of Ethereum ETFs, and now sees the asset heading towards a cool $69,000. ๐ฐ
Let's rewind a bit. Back in January, the crypto industry celebrated a huge milestone when the US SEC finally gave the green light to nearly a dozen spot Bitcoin ETFs. The impact was immediate, attracting billions of dollars in just a few months. ๐
But then came April, and the tide turned with several red days. May 1 was particularly brutal, with over $560 million in outflows. ๐ฑ
However, the winds of fortune shifted again in the following weeks, especially after the positive US CPI data for April. Since May 10, the largest ETFs have been on a winning streak, matching the 10-day record of inflows from March. ๐ฅณ
BlackRockโs IBIT is leading the charge in inflows, attracting over $16,350 billion. Grayscale still holds the crown with $20 billion, but the outflows suggest BlackRock might soon take the throne. ๐
In total, all ETFs are nearing $13.7 billion in inflows. Meanwhile, Ethereum fans also had a reason to celebrate this week as the US SEC approved eight spot ETH ETFs. ๐
BTC's response to the Ethereum news was a wild ride, soaring from $67,000 to $72,000 before plunging to under $66,000. But the past 24 hours have been more positive, possibly driven by the impressive inflows, and BTC is now hovering close to $69,000. ๐
Stay tuned, folks! The crypto ride is far from over! ๐