Spot Bitcoin was spotted for the second consecutive month in May.BTCiShares Bitcoin Trust, BlackRock (IBIT), and Fidelity’s Wise Origin Bitcoin Fund(FBTC) have contributed significantly to the inflows of ETFs.
Farside Investors provides market data indicates It is interesting to note that the Grayscale Bitcoin Trust, an ETF product, reported no flows on May 21, despite these products seeing $305 inflows. Two products had inflows and two others registered outflows.
BlackRock IBIT topped the list with inflows of $290 millions, while Fidelity FBTC reported an inflow worth $25.8million. Bitwise Bitcoin ETFs (BITB) and VanEck Bitcoin Trust ETFs (HODL), both of which saw outflows totaling $4.2 million each, also experienced capital withdrawals.
IBIT has recorded more significant inflows on two days in a row, surpassing FBTC for the second week in a row. The IBIT inflows are higher than FBTC’s. led The market was able to surpass IBIT in several instances last week. This happened on the days that the product had no flows. Since its January launch, the ETF market now has $13,17 billion of positive net flows.
Recent inflows have contributed to the increase of refugees. surge BitcoinBTCThe value of bitcoin, as measured by the price per unit (price/unit), surpassed $71,000 on Tuesday. This price increase has caused a debate in the crypto community about whether this is the start of a bull run or the peaking market.
Analyst Eric Balchunas had predicted Long-term gains following the April outflows. In May alone, Bitcoin ETFs saw $1.3 billion of inflows. This offsets the negative April inflows. The total amount since launch is now $12.3 billion.
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Source: crypto.news