US spot bitcoin ETFs continue their hot streak, posting $107.91 million in inflows on Thursday for the ninth consecutive day of gains. These are the longest entries since mid-March, when products recorded 10 consecutive positive days.
The appetite for spot bitcoin ETFs reflects their enormous success since their launch earlier this year. The SEC approved the first spot bitcoin ETFs in January, and products from heavyweights like BlackRock, Fidelity and others quickly amassed billions in assets.
iShares bitcoin Trust (IBIT) by BlackRock directed entries on Thursday with $89 million. Next was Fidelity's Wise Origin bitcoin Trust (FBTC) with $19 million, followed by $9.5 million in VanEck's fund.
Meanwhile, Grayscale bitcoin Trust (GBTC) saw an outflow of $14 million, extending its losing streak as investors turn to other spot ETFs with lower fees.
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BlackRock is set to take over management of GBTC as its IBIT has quickly become the leader among bitcoin spot ETFs. It is found almost x.com/BitcoinMagazine/status/1793954530192761157″>$20 billion after only 4 months, while the average ETF reaches that milestone in years. The IBIT is now only 300 million dollars x.com/BitMEXResearch/status/1793773242064519366″>behind GBTC in inflows to become the largest bitcoin Spot ETF.
This week, the United Kingdom also approved the listing of bitcoin ETPs 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 note.
