BlackRock’s IBIT, a Bitcoin ETF, saw a huge inflow of $92 million on May 22, 2024.
This was part of a bigger trend in the Bitcoin spot ETF market, which had a total inflow of $154 million on the same day.
It’s been a fantastic run for these ETFs, with eight days in a row of money pouring in, adding up to an impressive $1.644 billion.
What’s the reason behind this sudden surge? It seems the House passing the FIT21 bill has given Bitcoin ETFs a big thumbs up, and investors are taking notice. With available information, BlackRock’s IBIT is now leading the race in assets under management (AUM). Grayscale’s GBTC is trailing behind.
Here are some key figures to highlight the magnitude of this trend:
- BlackRock’s IBIT saw an inflow of $92 million on May 22, 2024
- U.S. Bitcoin ETFs collectively received $154 million on the same day
- Over eight consecutive days, approximately 24,800 BTC was added to U.S. Bitcoin ETFs
- The total inflow during this period reached $1.644 billion
Tobi Opeyemi Amure, a renowned crypto analyst at Trading.Biz, shared his thoughts: “The significant inflow into BlackRock’s IBIT is a clear indication of growing interest in Bitcoin ETFs. It is going to attract more institutional investors, as they realize the investment vehicle potentials. With investors on board, it will kickstart a broader trend in the cryptocurrency market.”
BlackRock’s IBIT has taken the leading position and made it its own. However, Grayscale’s GBTC seems to be heading in the opposite direction, experiencing a $16.1 million outflow. However, this hasn’t stopped the overall momentum of Bitcoin ETF.
The success of Bitcoin ETFs comes at a time when Ethereum is making headlines. On May 21, 2024, Ethereum saw its biggest gain in 18 months. This surge was partially triggered by the U.S. Securities and Exchange Commission (SEC).
The commission requested exchanges to speed up their 19b-4 filings for spot Ethereum ETFs. Investors saw this as a hint toward potential approvals by Thursday. As a result, Ethereum’s price skyrocketed to $3,600.
Bitcoin’s price isn’t left out too, as it is getting closer to an all-time high. Many experts believe the upward trend is based on positive news from the Ethereum market and the crypto market looking bullish.
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