As a researcher with a background in financial markets and experience in following Bitcoin and ETFs closely, I find the surge in spot Bitcoin ETF inflows on May 15 to be an intriguing development. The data shows a significant increase in investments from institutional players like Fidelity, Bitwise, and even Grayscale’s GBTC fund. This comes as no surprise given the recent US CPI data that met expectations and potentially paved the way for lower interest rates and increased liquidity in markets.
On May 15, US-listed bitcoin spot ETFs experienced a significant surge in investments, totaling approximately $303 million, coinciding with a notable increase in Bitcoin’s price.
Since May 3, there has been the greatest volume of inflows. This shift occurred among institutional investors who became more optimistic following the release of the May 15 US Consumer Price Index (CPI) report, which matched forecasts.
Fidelity’s FBTC fund experienced the largest inflow of $131 million in a single day since March 26. Bitwise’s BITB fund also reported significant growth with an inflow of $86 million, which was last seen on March 4.
BlackRock’s IBIT fund experienced no inflows or outflows for the third day in a row, which some experts have noted is typical for a fund like this.
Spot ETFs Surge
Approximately $27 million flowed back into Grayscale’s GBTC, marking a reversal after four consecutive months of withdrawals from its primary Bitcoin investment fund.
Bitcoin ETF Flow (US$ million) – 2024-05-15
TOTAL NET FLOW: 303
(Provisional data)I. IBIT: Zero
For all the data & disclaimers visit:
— Farside Investors (@FarsideUK) May 16, 2024
New information from recent Securities and Exchange Commission reports reveals that Millennium Management, a prominent global hedge fund, manages an impressive $2 billion investment in Bitcoin exchange-traded funds (ETFs).
Prominent ETF analysts made this observation, with James Seyffart jokingly adding, “Retail traders are the ones driving the purchases of Bitcoin ETFs.”
As a crypto investor, I’ve constructed my portfolio with a total value of $1.93 billion. Here’s the breakdown: I hold $844.2 million worth of BlackRock’s IBIT, an engaging investment for me. Additionally, I’ve allocated $806.7 million in Fidelity’s FBTC. Moving forward, I’ve invested $202 million in Grayscale’s GBTC, which seems promising. Furthermore, I’ve added $45.0 million to my portfolio through Ark’s ARKB. Lastly, I’ve put $44.7 million into Bitwise’s BITB.
Currently, Millennium, headed by billionaire Izzy Englander, manages over $64 billion in assets, making it the largest custodian of IBIT and FBTC.
“It’s only retail traders buying the #bitcoin ETFs”
— James Seyffart (@JSeyff) May 15, 2024
Institutional investment firms had until May 15 to submit their 13F reports to the SEC, detailing the securities they owned as of the first quarter’s close.
Paul Singer’s Elliot Capital revealed an investment of approximately $12 million in IBIT, while Apollo Management Holdings reportedly held a $53 million position in ARK 21Shares’ ARKB.
BTC Tapped $66,000
Threshold day for significant ETF investment saw Bitcoin’s value soaring: Bitcoin experienced a 7% increase within the last 24 hours, reaching an peak price of $66,567 during the early Asian trading hours on Thursday.
At the moment of composition, BTC was being traded for around $65,900. This price increase came after a surge of 15% over the previous two weeks, leaving it only 10% below its record high.
Crypto markets reacted to the April CPI data in the US, which came in lower than expected at 0.3%.
As a researcher studying economic trends, I can tell you that the recent rise in the report indicators points towards an upward inflationary pressure. Consequently, this development heightens the probability of the Federal Reserve implementing rate cuts and introducing more monetary easing into financial markets. This situation is advantageous for high-risk assets like cryptocurrencies.
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2024-05-16 09:09