U.S. spot bitcoin ETFs Continue their winning streak by recording an inflow of $107.91 millions on Thursday, their ninth consecutive day. The products have seen the most positive inflows ever since the 10 days of consecutive gains that occurred around mid-March.
This is reflected in the appetite for bitcoin spot ETFs, which have been a huge success ever since they launched. earlier this year. The SEC has approved the first bitcoin spot ETFs. Products from giants such as BlackRock, Fidelity and other companies have quickly accumulated billions.
BlackRock’s iShares Bitcoin Trust led inflows On Thursday, $89 millions was invested. VanEck’s Fund received $9.6 million. Next, Fidelity Wise Origin Bitcoin Trust was at $19.6 million.
The Grayscale Bitcoin Trust saw a loss of $14 million, extending the streak, as investors shifted to spot ETFs that have lower fees.
BlackRock has announced that it will be taking over the management of GBTC as IBIT, its Bitcoin ETF, is quickly becoming the market leader. The ETF is currently at almost $20 billion The average ETF takes years to achieve that level. IBIT now stands at only $300 Million behind GBTC The largest Bitcoin ETF is now the Spot Bitcoin Fund.
This week the U.K. approved Bitcoin ETPs Bitcoin’s status as a class of institutional assets will be further validated by its listing in London. Bitcoin may end the month of May in a positive way if it continues to gain momentum.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com