New Data Reveals Inflows in Bitcoin ETFs
New data from Farside Investors reveals that Bitcoin (BTC) exchange-traded funds (ETFs) have experienced nine consecutive days of inflows amounting to over $1 billion. These inflows have been recorded since May 14th, with a total of over $1.75 billion flowing into BTC ETFs. The largest daily inflows were seen on May 15th and May 21st, amounting to $303 million and $305.7 million, respectively. The iShares Bitcoin Trust (IBIT) saw the most significant inflow of $290 million on May 21st.
Outflows in Grayscale Bitcoin Trust
On the other hand, the Grayscale Bitcoin Trust (GBTC) experienced outflows during this period. Notable outflows included $50.9 million on May 14th, along with smaller amounts on May 22nd and 23rd.
Approval and Purpose of BTC ETFs
These BTC ETFs were approved by the U.S. Securities and Exchange Commission (SEC) earlier this year following a judge’s ruling that required the SEC to reconsider its stance. BTC ETFs provide consumers with exposure to Bitcoin without directly purchasing the cryptocurrency.
Institutional Interest in BTC ETFs
Furthermore, the largest U.S. hedge funds have collectively accumulated over $2.6 billion in BTC ETFs, indicating significant institutional interest in Bitcoin. Currently, Bitcoin is trading at $68,122.
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