#Bitcoin ETFs See Strong Inflows🎯
Bitcoin whale activity and ETF inflows have once again picked up pace after a somber month of May. The Bitcoin ETFs have witnessed seven consecutive days of inflows. Just within the last two days, the total inflows in the spot Bitcoin ETFs have grossed more than $1.3 billion.
Fidelity’s Bitcoin ETF, known as FBTC, has seen impressive growth, amassing nearly $600 million in inflows within just two days. This surge has increased its total assets under management to over $9.5 billion, placing Fidelity ahead of BlackRock in the competitive spot Bitcoin ETF market
Blackrock’s disclosure is part of a larger trend of traditional financial institutions and investors ramping up their exposure to crypto through traditional equity.
BlackRock’s first foray into the crypto market was in 2019 when it hired Robert Mitchnick, former Product Marketer for Ripple, who is now the head of distributed ledger technology and digital assets at BlackRock.
In January, BlackRock also filed documents with the Securities and Exchange Commision to include cash-settled bitcoin futures as eligible investments for two of its funds, the BlackRock Global Allocation Fund and the BlackRock Strategic Income Opportunities Portfolio.
