Exchange-traded funds (ETFs) have become the talk of the town – and rightly so – after the US Securities and Exchange Commission (SEC) approved the listing of investment products during the week. Meanwhile, the spot Bitcoin ETF market continued its recovery on the one hand, which was marked by the second consecutive week of positive flows.
This series of positive flows represents a complete turnaround from previous weeks when investment activity was seriously low. However, this latest shift reflects a rise in investor confidence over the past two weeks.
Bitcoin Spot ETF: $252 million net inflows in one day
On Friday, May 24, the US Bitcoin ETF market saw another day of positive flows, marking the 10th straight day of significant investment in these funds. according to Data from SoSoValueThe market recorded a total net inflow of approximately $252 million to close the week.
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Analyzing this, BlackRock has amassed a significant portion of the total daily investment, with the IBIT ETF recording an inflow of $182 million. On the other hand, Grayscale Bitcoin Trust (GBTC) did not attract any capital on Friday, ending the week with no daily inflows and outflows.
Other ETF issuers, such as Fidelity, Bitwise and ARK Investment, also saw impressive inflows on Friday. Notably, Fidelity's FBTC fund came in second place after BlackRock's fund after attracting about $43.7 million on the last day of the week.
More importantly, this positive flow day means that the spot Bitcoin ETF market has accumulated significant investments every day for the second week in a row. After the close of the trading session on Friday, last week's net inflow reached an impressive $1.06 billion.
This continued positive trend in terms of capital flow suggests that investor confidence in Bitcoin ETFs may return to all-time highs. The last time there was a consistent positive flow of capital into these products, the price of Bitcoin rose to a new all-time high.
With Ethereum ETFs about to trade in the US, it seems that cryptocurrency trading products are all the rage right now. And it may be just the catalyst the cryptocurrency market – especially Bitcoin – needs to resume the remainder of its bull cycle.
Bitcoin price at a glance
As of this writing, Bitcoin is worth $68,868, refNoting a price increase of 2.5% during the past 24 hours. According to data from CoinGecko, the leading cryptocurrency rose 3% on the weekly time frame.
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Featured image from iStock, chart from TradingView