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Bitcoin ETF Inflows Surge: BlackRock Leads with $182M Investment

Bitcoin ETF Inflows Surge: BlackRock Leads with $182M Investment

On Friday, May 24, net inflows to the spot Bitcoin ETFs increased significantly once more, reaching a total of $251 million. Compared to the likely decline in BTC ETFs on Wednesday and Thursday, this is a healthy uptick. With a market valuation of $1.352 trillion, the price of Bitcoin is currently up 2.31% at $68,628 as of the time of publication.

Inflows Into Bitcoin ETFs Are Growing

Inflows into the spot Bitcoin ETF have resumed after a weak start to May. More than $2 billion has been invested in spot Bitcoin ETFs during the past two weeks. This occurs as the approval of the spot Ethereum ETF earlier on Thursday, May 23, has improved sentiment in the market as a whole.

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After ten days of inflows, as of May 24, the cumulative net inflow of Bitcoin spot ETFs has reached $252 million.

Grayscale ETF GBTC was one of the prominent ETFs that contributed to this pattern, with a $0.00 one-day inflow and outflow. In the meantime, there was a $182 million inflow into the BlackRock ETF IBIT and a $43.7083 million inflow into the Fidelity ETF FBTC.

BlackRock is gradually catching up to Grayscale to become the biggest ETF in terms of AUM as it continues to dominate the Bitcoin ETF industry with majority inflows. At the moment, 284,526 Bitcoins valued at a total of $19.32 billion are held in the BlackRock Bitcoin ETF IBIT. Grayscale, on the other hand, has 289,257 GBTC holdings, valued at a total of $19.64 billion.

Despite recent price and market volatility, investors’ enthusiasm and confidence in the cryptocurrency industry are evident in the steady inflow of money into Bitcoin spot ETFs.

Bitcoin ETFs Will Rule the Market

The introduction of regulated Bitcoin investment products is anticipated to increase institutional participation in the asset class. Speaking about the approval of the spot Ethereum exchange-traded fund (ETF), Standard Chartered Bank’s head of forex and digital assets research, Geoffrey Kendrick, stated that he continues to expect strong inflows for spot bitcoin exchange-traded funds (ETFs), which leads him to project a $150,000 year-end price target for BTC.

Kendrick also emphasises the appeal of having a portfolio that includes both BTC and ETH exchange-traded funds (ETFs), implying that the industry has gained additional credibility in the wake of the SEC’s ETH ruling.

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