As a seasoned crypto investor with a keen eye for market trends, I’ve witnessed firsthand the remarkable turnaround of the Bitcoin ETF landscape over the past few weeks. The consistent inflows totaling almost $220 million in just 18 trading days, with BlackRock’s IBIT taking the lead yesterday with an impressive $349.9 million, is a clear sign that institutional investors are increasingly bullish on Bitcoin.
Approximately $220 million was invested in Bitcoin ETFs once more on June 6, making it the eighteenth straight day of inflows.
As a researcher examining daily investment flows, I’ve observed that BlackRock’s IBIT experienced a resurgence with an inflow of $350 million yesterday, contrasting the meager $3.1 million added to Fidelity’s FBTC.
On May 10th, the previous trading day, Bitcoin 11 spot ETFs experienced significant outflows, primarily due to Grayscale’s GBTC. Approximately $103 million was withdrawn from Grayscale’s converted ETF during this period. In total, all ETFs recorded $84.7 million in outflows based on Farside’s data.
As an analyst, I’ve noticed a significant shift in circumstances since then. A major factor contributing to this transformation can be traced back to the US inflation data.
As an analyst, I would express it this way: On June 4th, we witnessed the second-largest single day inflow in history, amounting to a substantial $886.6 million. Conversely, on the previous day, June 5th, the figures stood at comparatively lower levels with $488.1 million and $217.7 million in inflows respectively.
Over the past five trading days, with the exception of yesterday, Fidelity’s FBTC has seen significant investor interest, attracting more inflows than BlackRock’s IBIT on four occasions.
Yesterday marked a significant shift for IBIT and FBTC as IBIT received an inflow of $349.9 million in contrast to FBTC’s intake of merely $3.1 million. Meanwhile, Grayscale’s GBTC experienced outflows amounting to $37.6 million.
once again, over $100 million was withdrawn from Ark Invest’s ETF within the last 10 business days, marking the largest such withdrawal.
As an analyst, I’ve observed an overall inflow of $217.7 million into the ETFs recently, which is quite impressive. However, despite this positive trend, I noticed that the price of the underlying asset did not experience significant movement during the previous trading session.
Bitcoin encountered resistance at around $72,000 on Wednesday and dipped as low as $70,200 the following day. However, it has since rebounded and now hovers above $71,000, registering a minimal gain of 0.6% in the last 24 hours but a more substantial increase of 4% over the past week.
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2024-06-07 08:42