US Bitcoin ETFs continue their hot streak, recording $107.91 million in inflows on Thursday for the ninth straight day of gains. This represents the longest inflows since mid-March, when products saw 10 consecutive positive days.
The immediate appetite for Bitcoin ETFs reflects their tremendous success since their launch earlier this year. The Securities and Exchange Commission (SEC) approved the first bitcoin spot mutual funds in January, and products from heavyweights like BlackRock, Fidelity and others quickly gained billions in assets.
BlackRock's iShares Bitcoin Trust (IBIT) Inflows on Thursday for $89 million. Next was Fidelity's $19 million Wise Origin Bitcoin Trust (FBTC), followed by $9.5 million in VanEck's fund.
Meanwhile, the Grayscale Bitcoin Trust (GBTC) saw a $14 million outflow, extending its losing streak as investors turned to other spot ETFs with lower fees.
BlackRock is set to take over management of GBTC, with its IBIT quickly becoming a leader among spot Bitcoin ETFs. It sits at approx 20 billion dollars After just 4 months, while it takes the average ETF years to reach this milestone. The IBIT is now just $300 million Behind GBTC in flows to become the largest spot Bitcoin investment fund.
This week, the UK also agreed to list Bitcoin exchange-traded products in London, further validating Bitcoin as an institutional asset class. If the current momentum continues, Bitcoin could be on track to end May on a high.
