According to Farside, investors have poured about $22 billion into spot bitcoin funds (ETFs) in the US over the past 20 weeks. These funds also recorded their tenth consecutive day of net inflows.
This week alone, inflows into U. S. spot #bitcoin ETFs exceeded 11 billion, with the largest daily inflow on Thursday totaling about 3.5 million yen.
BlackRock's bitcoin-ETF, iShares Bitcoin Trust (IBIT), led the pack with weekly inflows of about $77 billion in 2000.2nd place went to Fidelity Wise Origin Bitcoin Fund (FBTC) with inflows of about 22,700 million yen.
The order was reversed last week when FBTC overtook IBIT in terms of weekly inflows. According to the data, from 5/13/05 to 5/17/05, FBTC recorded inflows of about $34,400 million, while IBIT recorded inflows of about $13,200 million.
With more than 284,525 #BTC , IBIT is just 289 billion yen away from overtaking Grayscale Bitcoin Trust, which currently holds 3 BTC and is valued at 1,199 billion. The calculation, according to CoinGecko, is based on a bitcoin (BTC) value of 69,100 bitcoins at the time of writing. IBIT has a good chance of becoming the largest bitcoin-ETF.
Meanwhile, the Bitcoin price moved in the same direction as significant inflows into the #ETF over the past 2 weeks.
On 5/24/05, the last trading day of the week, the price of last2 soared to 69,000, up about 13% over the past week. Bitcoin's exchange rate is now just 6% off the all-time high of $73,700 set on May 7.
Bitcoin's exchange rate stalled after the fourth half of the year, and analysts at Rekt Capital noted that there would be a "danger zone" of increased volatility after the first half of the year. But last week, he noted that selling pressure has eased and bitcoin is entering an accumulation phase.
In addition to bitcoin-ETFs, the focus this week was the SEC's approval of an application for an Ethereum-ETF. These ETFs still need Form S-1 approval to begin trading, which ETF experts believe will take weeks or months.
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