The US Bitcoin spot Exchange-Traded Funds (ETFs) are unstoppable at the moment. Funds launched in January have been on a strong run recently, and yesterday was another excellent trading day.
Not only was it the seventh consecutive positive day, it was the highest capital inflow in weeks. The results of BlackRock’s IBIT fund are particularly striking.
Bitcoin ETF continues green series with conviction
Bitcoin funds raised a total of $305.7 million yesterday, data from Farside Investors shows. It marks the best trading day since May 3, when $378.3 million flowed into the funds.
The Bitcoin ETFs are gaining good momentum. After seven straight trading days of more capital coming in than leaving the funds, the funds are in their third-best period since launching on January 11.
However, there is still a long way to go to reach their longest positive streak. From the end of January, 16 consecutive green days were observed.
The recent inflows have put an end to the difficult period that the funds have experienced since mid-March. Until last Monday, the funds underperformed almost every trading day. However, sentiment on the crypto market has now turned 180 degrees, and this is reflected in the Bitcoin exchange funds
BlackRock’s BTC fund shines
BlackRock’s IBIT fund took the cake yesterday, as it previously did almost every trading day. With a net inflow of $290 million, it was by far the best performing bitcoin ETF.
It was the best trading day for the world’s largest asset manager since April 5. In fact, yesterday’s result exceeds the cumulative inflows over the past 21 trading days.
The other funds did not have a very good day yesterday. Fidelity saw $25.8 million flow into its fund, a lot less than in recent trading days. Bitwise and VanEck even saw narrow outflows of $4.2 million and $5.9 million respectively.
Grayscale saw its GBTC fund not shrink for the fifth consecutive trading day. However, this time no money was raised.
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Source: https://newsbit.nl/bitcoin-etfs-beleven-beste-dag-in-weken-blackrock-pakt-hoofdrol/
