Inflows into BlackRock's Bitcoin ETF hit 6-week high
BlackRock's Bitcoin Spot ETF accounted for 95% of total inflows into US Bitcoin Spot ETFs on Tuesday, totaling more than $300 million in net inflows.
According to preliminary data from Farside Investors, BlackRock's iShares Bitcoin Trust (IBIT) recorded a massive inflow of $290 million on May 21. The total net inflow for all 11 ETF issuers combined was 305, 7 million USD. This latest number is also more than the total cash inflow in the previous 21 trading days combined. In total, more than $1 billion has flowed into spot Bitcoin ETFs over the past four trading days amid a fluctuating Bitcoin price rally.
However, Tuesday's big inflow figure was not without a decline. VanEck's Bitcoin Trust ETF (HODL) saw outflows of $5.9 million and Bitwise's Bitcoin ETF (BITB) saw outflows of $4.2 million.
Fidelity Wise Origin Bitcoin Fund (FBTC) had small inflows of $25.8 million; The rest are all zeros.
Enthusiasm for a Bitcoin ETF has been fueled by the rise in BTC prices over the past week, in which the asset has increased by 12%.
BTC hit a six-week high of $71,600 on May 21 but retreated below $70,000 in early trading on May 22, when it was trading at $69,444 at press time.
The possibility that the US Securities and Exchange Commission could approve spot Ethereum ETFs in the United States has also boosted crypto markets this week.
