BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF) accounted for 95% of

BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF) on Tuesday accounted for 95% of total inflows into US BTC ETFs – which together collected more than $300 million in net inflows.

BlackRock’s iShares Bitcoin Trust (IBIT) saw a massive inflow of $290 million on May 21, according to preliminary data from Farside Investors. The net flow to all 11 ETF issuers was $305.7 million.

This is the highest inflow for the BlackRock ETF since April 5, reversing a trend of no or very low inflows over the past six weeks or so.

The latest figure is also higher than what the fund has recorded over the last 21 trading days combined.

Overall, more than $1 billion has returned to Bitcoin ETFs in cash over the past four trading days, amid a volatile Bitcoin rally.

source: Persian investors

Adding the latest daily figures, BlackRock’s inflows now total $16 billion since its launch, according to Farside Investors. However, the product’s official website shows assets under management of $19 billion.

This places BlackRock’s IBIT very close to industry leader Grayscale, which has $20 billion in assets under management for its GBTC exchange-traded fund, according to the official website.

Meanwhile, GBTC recorded no outflows on May 21, bringing the number of trading days without an outflow to five. The fund saw inflows worth $72.5 billion over the past five days, reversing a four-month trend of outflows.

However, Tuesday’s large number of streams was not without some bleeding. The VanEck Bitcoin Trust ETF (HODL) saw an outflow of $5.9 million and the Bitwise Bitcoin ETF (BITB) saw an outflow of $4.2 million.

The Fidelity Wise Origin Bitcoin Fund (FBTC) saw a minor inflow of $25.8 million; The rest were zeros.

about: A Bitcoin ETF Not on the Table, Says New Vanguard President

Bitcoin ETF enthusiasm has been driven by a surge in BTC prices over the past week, with the asset up 12%.

BTC reached a six-week high of $71,600 on May 21, but fell below the $70,000 level in early trading on May 22, where it was trading at $69,444 at the time of writing.

The premise of the Securities and Exchange Commission potentially approving Ethereum ETFs in the United States also boosted cryptocurrency markets this week.

Magazine: Breaking down a $2,500 FTX document on Amazon Prime… with help from my mom

Hurry Up!

Leave a Reply

Your email address will not be published. Required fields are marked *