Bitcoin ETFs see $45m in inflows

As a seasoned crypto investor, I’ve seen my fair share of market fluctuations and product launches in the Bitcoin space. The recent news of Bitcoin ETFs recording net inflows for 11 consecutive days, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the charge, is a positive development that could potentially strengthen the Bitcoin market.

Spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded a net inflow of $45 million on May 28. 

As a successful crypto investor, I’ve been on a winning streak for the past 11 days, even with the Grayscale Bitcoin Trust ETF (GBTC) facing net outflows totaling $105.2 million during this period.

Approximately 632 Bitcoins were poured into these ETF offerings collectively. This influx resulted from BlackRock’s and Fidelity’s products drawing in more funds than the 1,550 Bitcoins withdrawn from GBTC.

Significantly, the iShares Bitcoin Trust (IBIT) from BlackRock attracted the largest inflow of funds among all ETFs at $102.5 million. In comparison, Fidelity’s Wise Origin Fund (FBTC) experienced the second-largest influx with $34.3 million.

Franklin Bitcoin ETF (EZBC) and VanEck Bitcoin Trust (HODL) reported zero inflows on the same day.

The substantial withdrawal of Bitcoin from GBTC caused it to relinquish its title as the foremost Bitcoin exchange-traded fund (ETF) in terms of holdings. This change is primarily due to the elevated expenses linked to GBTC compared to other available options, prompting investors to transfer their funds elsewhere.

Grayscale previously controlled approximately 600,000 Bitcoins before transforming into an ETF. After 96 trading days, BlackRock’s IBIT amassed more Bitcoins than GBTC, with a total of 288,671 Bitcoins valued at $19.7 billion, while GBTC possessed 287,488 Bitcoins worth $19.6 billion.

The iShares Bitcoin Trust (IBIT) now holds more than 288,000 Bitcoins, valued at approximately $19.7 billion, making it the ETF with the largest amount of Bitcoin in its custody, surpassing Grayscale Bitcoin Trust (GBTC), which manages around 287,000 Bitcoins worth about $19.6 billion.— Trader T (@pivfund2100) May 29, 2024

As a crypto investor, I’ve noticed an impressive inflow of Bitcoin into Exchange-Traded Funds (ETFs) since their launch in the US back in January. According to market analyst Quinten Francois’ data, a total of 566,662 BTC have been acquired by these funds so far. With this latest addition, these ETFs now manage over 840,000 BTC in total.

After the launch of the #Bitcoin ETF:

Approximately 106,650 Bitcoin were mined.
Over 566,662 Bitcoin were purchased by ETFs.

This represents a demand five times greater than the new supply. 👀🚀

— Quinten | 048.eth (@QuintenFrancois) May 27, 2024

As a crypto investor, I’m keeping a close eye on Bitcoin’s price action despite the recent influx of capital. Right now, Bitcoin is trading at around $67,900. It’s important to note that just two days ago, BTC touched an intraday high of roughly $70,590 before giving way to downward pressure from the bears. So, while we’ve seen some positive price movements, Bitcoin needs to firmly stay above the $70,000 mark to maintain bullish momentum.

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2024-05-29 12:37