As an experienced financial analyst, I find these recent developments in the Bitcoin ETF market particularly intriguing. The consistent net inflows into spot Bitcoin ETFs, such as those from BlackRock, Fidelity, and Ark Invest, coupled with the significant investments from established financial institutions like Millennium Management and Susquehanna International Group, indicate a growing adoption of Bitcoin in the traditional financial world.
On May 22nd, the cumulative inflow into bitcoin spot ETFs amounted to $154 million, marking the eighth consecutive day with a net investment influx.
Simultaneously, the Grayscale Bitcoin Trust (GBTC) witnessed a withdrawal of approximately $16.09 million. Conversely, BlackRock’s iShares Bitcoin Trust (IBIT) attracted around $91.95 million, while Fidelity’s FBTC ETF gained about $74.57 million. Additionally, Ark Invest’s ARKB recorded an inflow of $3 million.
As an analyst, I’ve observed that there was no trading volume recorded for other Bitcoin Exchange-Traded Funds (ETFs) such as Bitwise’s BITB, VanEck’s HODL, Galaxy Digital’s BTCO, Valkyrie’s BRRR, Franklin Templeton’s EZBC, and WisdomTree’s BTCW, based on data provided by SoSoValue for the day in question.
Due to Bitcoin’s price surge of around 5% over the last week, reaching a six-week peak at $71,600 on May 21st, there has been renewed enthusiasm for Bitcoin ETFs (Exchange Traded Funds).
After several weeks of obstacles, these inflows signify an increasing acceptance of Bitcoin within the conventional financial system, marked by substantial involvement from well-established financial entities.
Approximately 937 American professional firms have put their resources into the Bitcoin spot ETF market according to a recent finding by K33 Research, up until March 31st.
Two prominent investing entities, Millennium Management, a significant hedge fund, and Susquehanna International Group (SIG), a leading quantitative trading company, made substantial investments totaling $2 billion and $1 billion respectively.
As a crypto investor, I’d put it this way: Boston-based hedge fund Bracebridge Capital ranks third, managing funds for esteemed institutions like Yale and Princeton. Not far behind is Boothbay Fund, based in New York City. Their purchases of Exchange-Traded Funds (ETFs) amount to a significant investment of $434 million for Bracebridge and $377 million for Boothbay.
Major investments were made by esteemed American banking corporation Morgan Stanley and consulting firm Pine Ridge Advisers, contributing the amounts of $269 million and $205.8 million respectively.
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2024-05-23 14:30