Over the previous week, the Spot Bitcoin ETF market saw a lot of investor activity, as seen by steady net inflows and noteworthy performances from large ETFs. These ETFs recorded inflows of over 15,000 BTC, much more than the newly mined BTC in a month.
Weekly Inflows Into the Spot Bitcoin ETF
On Monday, May 20, U.S. Spot Bitcoin ETFs recorded inflows exceeding $241 million, signaling a solid start to the week. Despite CEO Michael Sonnenshein’s resignation, Grayscale’s ETF GBTC experienced an inflow of $9.35 million, making it the sixth day of net inflows for GBTC. BlackRock’s IBIT witnessed inflows of $66.35 million, while ARKB, managed by Ark Invest and 21Shares, brought in $68.28 million.
With $305.7 million in flows into the Spot Bitcoin ETF on Tuesday, the trend persisted. Additionally, according to Farside U.K. data, BlackRock’s iShares Bitcoin Trust (IBIT) led the jump with an amazing $290 million in inflows. With $25.8 million, Fidelity’s FBTC also made a large contribution. Nevertheless, this day witnessed no inflows into Grayscale’s GBTC. On the other hand, there were withdrawals of $4.2 million and $5.9 million from VanEck’s HODL and Bitwise Bitcoin ETF (BITB), respectively.
With net inflows of $154 million on Wednesday, Bitcoin ETFs continued their upward trend, extending the run to eight days. Furthermore, $91.95 million in inflows into BlackRock’s IBIT demonstrated its sustained ability to draw substantial investment. Fidelity’s FBTC also performed well, with inflows of $74.57 million. Nevertheless, Grayscale’s GBTC experienced a $16.09 million loss.
Furthermore, the market’s appetite for Bitcoin ETFs continued to be strong, as seen by a net inflow of $107 million on Thursday, which brought the total number of positive inflow days to nine. With $89 million in inflows, BlackRock’s IBIT again took the lead. VanEck’s HODL accounted for $9 million, while Fidelity’s FBTC recorded $19.12 million. BTCO from Invesco Galaxy and ARKB from Ark 21Shares both saw net inflows of $2 million. Nonetheless, $13.72 million was taken out of Grayscale’s GBTC account.
On Friday, May 24, the week ended with a net inflow of $252 million, bringing the streak to ten days. Furthermore, BlackRock’s IBIT saw a substantial $182 million inflow. Fidelity’s FBTC saw a substantial influx of $43.7083 million. The GBTC on Grayscale saw no inflows or outflows during the day.
Michael Saylor lauds Strong Inflows
Furthermore, BlackRock has gradually caught up to Grayscale in the Bitcoin ETF industry. Currently, 289,257 Bitcoins are priced at $19.64 billion, while BlackRock’s IBIT holds 284,526 Bitcoins worth $19.32 billion.
In addition, Michael Saylor, CEO of MicroStrategy, has praised these ETFs’ strong performance and the worldwide Bitcoin ETF market. “Bitcoin held by 28 Spot ETFs is approaching 1 Nakamoto,” he stated in a post on X. As a result, one million Bitcoin may soon be locked inside these financial products.
The most recent report indicates that the U.S. Bitcoin ETFs hold a large reserve of U.S.702 BTC. On the other hand, the global ETFs hold 991,336 BTC, indicating that the stack may surpass 1 million BTC in the coming week.
It can also be quite optimistic about Bitcoin’s price. Compared to the 13,500 BTC mined monthly, these ETFs purchased 15,421 BTC this week. Given that substantial whale buildup is also reducing the Bitcoin exchange reserve, this could result in a supply shortage.
