Bitcoin Spot ETFs See Seventh Straight Day Of Inflows With $306M
Portfolio Pulse from Murtuza Merchant
Bitcoin spot ETFs have seen a seventh consecutive day of inflows, totaling $306 million on May 21. BlackRock’s iShares Bitcoin Trust (IBIT) led with a $290 million inflow, while Fidelity Wise Origin Bitcoin Fund (FBTC) saw a $26 million inflow. Grayscale’s Bitcoin Trust (GBTC) had no net inflow. The total net asset value of all Bitcoin spot ETFs reached $58.910 billion, coinciding with Bitcoin prices climbing above $70,000.
May 22, 2024 | 11:47 am
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NEUTRAL IMPACT
Grayscale’s Bitcoin Trust (GBTC) had no net inflow on May 21, suggesting it did not benefit from the recent surge in Bitcoin spot ETF inflows.
The lack of net inflow for GBTC suggests it did not benefit from the recent surge in Bitcoin spot ETF inflows, indicating a neutral short-term impact.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Fidelity Wise Origin Bitcoin Fund (FBTC) experienced a $26 million inflow on May 21, reflecting growing investor interest.
The $26 million inflow into FBTC indicates increasing investor interest, which could positively impact the ETF's short-term price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
BlackRock’s iShares Bitcoin Trust (IBIT) saw a significant inflow of $290 million on May 21, the largest since April, indicating strong investor confidence.
The substantial inflow of $290 million into IBIT highlights strong investor confidence and could lead to a short-term price increase for the ETF.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100