According to U.Today, Bitcoin exchange-traded funds (ETFs) are demonstrating resilience and staying power, according to leading analyst Eric Balchunas. Currently, these products are on a 15-day inflow streak, performing comparably to some of the top ETFs. Balchunas highlighted Bitcoin's ability to recover with renewed interest following major sell-offs, a characteristic he described as rare.
The iShares Bitcoin Trust (IBIT), as reported by ETF analyst Nate Geraci, has now exceeded $20 billion in assets under management. This milestone was achieved in less than five months, setting a new record. On a single day, spot Bitcoin ETFs attracted $105 million worth of inflows, with Fidelity's product leading the pack with $77 million. Balchunas commented on the continuous inflow, expressing sympathy for the anti-crypto crowd, as this trend could be disconcerting for them.
Fidelity's Bitcoin ETF accounts for a significant 56% of the total flows recorded by the Boston-based financial giant, as noted by the analyst. BlackRock's IBIT also represents more than a quarter of all flows recorded by the asset manager. Spot Bitcoin ETFs based in Hong Kong are also receiving investor attention, recording $31.73 million worth of inflows on a single day, marking their best performance to date.
Despite initial underperformance following their highly anticipated debut, these ETFs have shown resilience. It remains to be seen whether the current inflow streak will enable Bitcoin to reclaim the $70,000 mark. Meanwhile, the launch of spot Ethereum ETFs in the U.S. is a topic of discussion among analysts. However, JPMorgan anticipates these ETFs to attract lower-than-expected inflows.