Bitcoin ETFs in the US resume March streak after 10 continuous days of inflows

By Hannah Perez

American spot Bitcoin ETFs closed their second week of inflows with $252 million, a cumulative of more than $1.7 billion in the last 10 days.

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The streak of March inflows returns: Bitcoin ETFs close their second week of inflows
Collectively, US Bitcoin Spot ETFs Accumulate $1.7 Billion in Past 10 Days
Ethereum Spot ETFs Could Soon Give Them Competition

Good fortune is again on the side of exchange-traded funds (ETFs) Bitcoin cash in the US

The group of ETFs based on Bitcoin The US spot market closed its consecutive week of inflows with revenues of USD $251.9 million on the day, marking its best streak since March, according to data from SoSoValue.

Capital inflows for investment products with direct exposure to Bitcoin had slowed down during April, after seeing massive investor interest in March, raking in a record more than $1 billion a day. That coincided with an all-time price high for Bitcoinwhich in March exceeded USD $73,000.

Things have changed in the last month amid a number of positive factors in the market, including the revelation of high-profile ETF investors Bitcoin and the recent approval of the first ETFs of Ethereum cash in the US

IBIT, the ETF of Bitcoin operated by BlackRock, dominated Friday in terms of entries with USD $182 million net daily. Funds followed FidelityFBTC, and VanEckHODL, with daily inflows of USD $43.7 million and USD $15.6 million, respectively, according to the same data source.

The rest of the funds recorded daily inflows of between USD $6 million and USD $0, and none recorded a negative flow.

The slowdown in GBTC outflows Grayscale has favored the bullish streak of ETFs Bitcoin cash. The background converted from Grayscale It maintained a streak of constant capital outflows until early May, when it experienced its first positive flow. Last week, GBTC had its first continuous week of inflows. Although this week the fund once again recorded double-digit millionaire daily outflows, the inflows from the other funds compensated.

Collectively, the ETF group Bitcoin spot in the US has accumulated inflows of just over USD $1.7 billion in the last ten sessions, according to an estimate based on the cited data. This translates into USD $16 billion in total entries for the group since trading began in January.

In terms of trading volume, ETFs based on Bitcoin have seen a cumulative total of $270 billion since January, with group holdings of 837,000 BTC, data from IntoTheBlock.

**ETFs Ethereum waiting for official quote**

The ETFs of Ethereum cash could soon compete with them. The US Securities and Exchange Commission (SEC) this week approved eight applications, including those from issuers such as BlackRock, Fidelity, ark and Grayscale. Although the regulator still needs to approve a registration for the funds to begin officially trading on the stock market.

Some speculate that ETFs based on Ethereum (ETH), the second largest cryptocurrency by market capitalization, could generate interest similar to that of Bitcoin, attracting a large number of institutions. Although this theory remains to be proven. In Hong Kong, where ETFs Ethereum Spot were launched in April, the group has seen limited success.

The cryptocurrency market did not react with the anticipated euphoria to the news of the historic approval of the second type of cryptocurrency ETF in the United States. So far, prices have remained relatively flat, with ETH losing the early-week momentum that took it above $3,800.

At the time of editing this article, Bitcoin changes hands around $69,200with a rise of 2.6% on the day, while ETH is around $3,740 with a modest gain of less than 1% since yesterday and almost 20% on the week.

Article by Hannah Estefanía Pérez / DailyBitcoin

Picture of Unsplash

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