Bitcoin exchange-traded funds (ETFs) witnessed a significant net inflow of $222 million on May 17, 2024. This marks a positive trend for the entire trading week as Bitcoin’s price saw a substantial rebound of 10.3% over the past seven days.
$BTC #ETF Net Inflow May 17, 2024: +$222M!• The net inflow has been positive for this entire trading week, as the $BTC price rebounded 10.3% (7D)!• #Grayscale (GBTC) has been experiencing single-day inflows for 3 consecutive trading days.• The highest single-day… pic.twitter.com/mR0iJw8aUG
— Spot On Chain (@spotonchain) May 18, 2024
Grayscale Bitcoin Trust (GBTC) has consistently attracted single-day inflows for three consecutive trading days. However, Fidelity’s Bitcoin ETF (FBTC) led the pack with the highest single-day inflow of $99.4 million. Following closely was BlackRock’s Bitcoin ETF (IBIT), with an inflow of $38.1 million.
Market Sentiment and Analyst Insights
Bloomberg analyst Eric Balchunas provided insights into the market sentiment surrounding Bitcoin ETFs. He noted the recurring pattern of last-minute pessimistic predictions before significant approvals, similar to the scenario preceding the spot Bitcoin ETF approval. Balchunas highlighted that these predictions often serve as risk-free public relations moves, allowing commentators to gain notoriety without consequence if proven wrong.
Same thing happened couple days bf spot btc approval, ppl came out last min and said "it's going to be denied" bc why not? it's like a way out of the money call option to give themselves notoriety if off chance it happens. No harm if they wrong. Risk-free PR move. This is same… https://t.co/aN8ymp6s0c
— Eric Balchunas (@EricBalchunas) May 17, 2024
The consistent net inflows and substantial single-day inflows indicate strong investor confidence in Bitcoin ETFs. The positive price movement of Bitcoin reinforces this sentiment, suggesting a robust market outlook for the cryptocurrency and its associated investment vehicles.