Spot Bitcoin ETF sees inflows for 9 consecutive days
The US spot Bitcoin ETF continues its hot streak, recording inflows of $107.91 million on Thursday, rising for the ninth straight day. This is the longest inflow since mid-March, when the product recorded positive sales for 10 consecutive days.
The preference for spot Bitcoin ETFs reflects its tremendous success since its launch earlier this year. The SEC approved the first spot Bitcoin ETF in January, and products from giants like BlackRock, Fidelity, and others have quickly amassed billions of dollars in assets.
BlackRock’s iShares Bitcoin Trust (IBIT) led inflows with $89 million on Thursday. Fidelity’s Wise Origin Bitcoin Trust (FBTC) was next with $19 million, while VanEck’s fund had $9.5 million invested.
Meanwhile, Grayscale Bitcoin Trust (GBTC) experienced a $14 million outflow, extending its string of losses as investors switched to other spot ETFs with lower fees.
BlackRock is set to take over management of GBTC as IBIT is quickly becoming a leader among spot Bitcoin ETFs. Although it hit nearly $20 billion in just four months, it takes the average ETF years to reach that milestone. IBIT is now the largest spot Bitcoin ETF, only $300 million behind GBTC.
This week, the UK also approved a Bitcoin ETP to be listed in London, further validating Bitcoin as an institutional asset class. If the current momentum continues, Bitcoin could end May on a strong note.
