The total net inflow for spot Bitcoin ETFs on May 22 was $154 million, continuing an eight-day streak of positive inflows.

Meanwhile, the Grayscale Bitcoin Trust (GBTC) ETF experienced an outflow of $16.0914 million. BlackRock’s iShares Bitcoin Trust (IBIT) had a single-day inflow of $91.9527 million, and Fidelity’s FBTC ETF saw an inflow of $74.572 million. Ark Invest’s ARKB also recorded an inflow of $3 million.

Other ETFs, including Bitwise’s BITB, VanEck’s HODL, Galaxy Digital’s BTCO, Valkyrie’s BRRR, Franklin Templeton’s EZBC, and WisdomTree’s BTCW, showed no activity for the day, according to data compiled by SoSoValue.

The renewed interest in spot Bitcoin ETFs is attributed to a recent increase in BTC’s prices, which rose 5% over the past week. On May 21, the leading cryptocurrency reached a six-week high of $71,600 before falling below the $70,000 mark.

After weeks of setbacks, these inflows reflect a growing adoption of Bitcoin in the traditional financial world, with significant engagement from established financial institutions.

K33 Research recently revealed that as of March 31, 937 professional firms in the United States had invested in the spot Bitcoin ETF market.

Among the largest investors were Millennium Management, a major hedge fund, and Susquehanna International Group (SIG), a global quantitative trading firm, with investments of $2 billion and $1 billion, respectively.

Bracebridge Capital, a Boston-based hedge fund managing funds for universities like Yale and Princeton, stands at the third position, followed closely behind by Boothbay Fund, a New York-based fund manager, with ETF purchases worth $434 million and $377 million, respectively.

Significant investments also came from leading US banking firm Morgan Stanley and advisory firm Pine Ridge Advisers, with totals of $269 million and $205.8 million, respectively.

The post 8-Day Winning Streak: Spot Bitcoin ETFs See Strong Inflows appeared first on CryptoPotato.

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Filed under: Bitcoin - @ May 23, 2024 11:20 am