The US spot Bitcoin ETFs have witnessed two weeks of inflows, which hints that institutions are actively participating in buying bitcoins.
According to FarSide data, the total flow into spot Bitcoin ETFs rose again on Friday, May 24, registering a net inflow of $251 million. This is a rise from Wednesday and Thursday business levels, which slowed down.
Bitcoin ETF Inflows On The Rise
Since May, spot Bitcoin ETFs only started with a slow pace but it has recently revived again. Total assets have been more than $2 billion within the last two weeks because of the better market mood after approving the spot Ethereum ETF last Thursday.
In fact, up to May 24, spot Bitcoin ETFs have shown positive net flows for ten straight days and have reached $252 million. Though most of these ETFs helped to attract this total flow, no net flow was observed in the Grayscale ETF (GBTC).
On the same note, the BlackRock ETF, IBIT, experienced an inflow of $182 million, the highest in the list of ETFs; the Fidelity ETF, FBTC, had an inflow of roughly $43. 7 million to rank second. IBIT has significantly and consistently increased its BTC holdings and is not far from surpassing Grayscale as the biggest spot BTC ETF concerning AUM.
Currently IBIT owns 284,526 BTCs, which in value amounts to $19. It would cost $32 billion (at the current market price). However, Grayscale’s GBTC has 289,257 BTCs equaling $19. 64 billion. Although there have been some recent bounces and volatility, this steady flow into spot BTC ETFs points to the bullish sentiment in the cryptocurrency space.
Will BTC ETFs Dominate the Market?
However, more industry players are convinced that the advent of regulated Bitcoin investment products will inevitably lead to an even greater inflow of funds from institutions. Following the approval of spot Ethereum ETFs in the United States, Geoffrey Kendrick of Standard Chartered Bank forecasted more large-scale purchases of spot Bitcoin ETFs.
Furthermore, he estimates that BTC will be at $150,000 by the end of the year. Kendrick further clarified that approving more ETFs, including the spot Ethereum ETF, will attract even more institutional capital to the cryptocurrency space, boosting the Bitcoin price within the next few months. Per the reports, the BTC price has increased by 2. According to the latest statistics on Coinmarketcap, it reached 46% in the last 24 hours and set its sights on the $70,000 mark.
