ethereum exchange-traded funds (ETFs) have been the talk of the town, and rightly so, after the United States Securities and Exchange Commission (SEC) approved the listing of the investment products during the week. Meanwhile, the bitcoin ETF spot market continued its resurgence on the one hand, marked by a second consecutive week of positive inflows.
This streak of positive inflows represents a stark turnaround from previous weeks, when investing activity was dangerously low. However, this recent change reflects an increase in investor confidence over the past two weeks.
bitcoin Spot ETF: $252 Million in Net Inflows in One Day
On Friday, May 24, the US bitcoin spot ETF market experienced another day of positive inflows, marking the 10th consecutive day of significant investments in these funds. According x.com/SoSoValueCrypto/status/1794214561345929384″ target=”_blank” rel=”nofollow”>SoSoValue datathe market recorded a total net inflow of approximately $252 million to close the week.
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Breaking this down, BlackRock amassed a substantial percentage of the total daily investment, with the IBIT ETF recording an inflow of $182 million. Grayscale bitcoin Trust (GBTC), on the other hand, attracted no capital on Friday, ending the week with zero daily outflows and inflows.
Other ETF issuers such as Fidelity, Bitwise and ARK Investment also witnessed impressive inflows on Friday. Notably, Fidelity's FBTC came in second after BlackRock's fund after attracting around $43.7 million on the final day of the week.
More importantly, this positive entry day means that the bitcoin spot ETF market has accumulated significant investment every day for the second week in a row. And after the close of the trading session on Friday, last week's net inflow stood at an impressive $1.06 billion.
This sustained positive trend in terms of capital inflows suggests that investor confidence in bitcoin ETFs could once again reach its all-time high. The last time there was a consistent positive capital inflow into these products, the price of bitcoin rose to a new all-time high.
With ethereum spot ETFs about to go live in the US, cryptocurrency exchange products seem to be all the rage right now. And they could simply be the catalyst the crypto market – particularly bitcoin – needs to resume what's left of the bull cycle.
bitcoin price at a glance
At the time of writing, bitcoin is valued at $68,868, ref.which shows a price increase of 2.5% in the last 24 hours. According to data from CoinGecko, the main cryptocurrency is up 3% in the weekly period.
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Featured image from iStock, chart from TradingView
