For the second time in May, spot Bitcoin (BTC) ETFs have surpassed $300 million in inflows, driven by significant contributions from BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC).
Market data from Farside Investors shows that these investment products saw $305 million in inflows on May 21, despite several ETF products, including the Grayscale Bitcoin Trust (GBTC), reporting no flows. Notably, only two products experienced inflows, while two saw outflows.
BlackRock’s IBIT led with $290 million in inflows, followed by Fidelity’s FBTC, which reported $25.8 million. Conversely, the Bitwise Bitcoin ETF (BITB) saw outflows of $4.2 million, and the VanEck Bitcoin Trust ETF (HODL) experienced $5.9 million in outflows.
Interestingly, IBIT surpassed FBTC in inflows for the second time this week, recording more substantial inflows for two consecutive days. This comes after FBTC led the market on several occasions last week, surpassing IBIT on days when the product saw no flows. Since its launch in January, the ETF market has now seen $13.17 billion in positive net flows.
The recent surge in inflows has contributed to a rise in Bitcoin (BTC) value, which broke the $71,000 mark on Tuesday. This price increase has sparked debate within the cryptocurrency community about whether the rally signifies the beginning of a bull market or if the market is reaching its peak.
Analyst Eric Balchunas had predicted long-term returns following the outflows in April. He noted that Bitcoin ETFs have already seen $1.3 billion in inflows in May, offsetting April’s negative inflows and bringing the total inflows since launch to $12.3 billion.
Summary Review: The substantial inflows into spot Bitcoin ETFs in May, particularly from BlackRock’s IBIT and Fidelity’s FBTC, underscore the growing investor interest in Bitcoin. As the debate continues on the market’s future direction, these inflows play a crucial role in shaping the outlook for Bitcoin and the broader cryptocurrency market.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
