US Bitcoin ETFs have recorded two consecutive weeks of inflows, indicating a resurgence of institutional buying in the market. Consequently, BTC price has risen by 3%, with potential to surpass the $70,000 mark.
On Friday, May 24, spot Bitcoin ETFs saw a significant resurgence, with total net inflows reaching $251 million. This marks a recovery from the potential slowdown observed on Wednesday and Thursday. As of press time, Bitcoin’s price is up 2.31%, trading at $68,628, with a market cap of $1.352 trillion.
Bitcoin ETF Inflows On The Rise
After a poor start to the month of May, the inflows in spot bitcoin ETF have resumed again. Over the last two weeks, the total inflows in spot Bitcoin ETFs have exceeded more than $2 billion. This comes as the broader market sentiment improves with the approval of the spot Ethereum ETF earlier on Thursday, May 23.
As of May 24, the total net inflow of Bitcoin spot ETFs has reached $252 million, spanning ten consecutive days of inflows.
Among the notable ETFs contributing to this trend, Grayscale ETF GBTC recorded a single-day inflow and outflow of $0.00. Meanwhile, BlackRock ETF IBIT saw an inflow of $182 million, and Fidelity ETF FBTC experienced an inflow of $43.7083 million.
As BlackRock continues to lead the Bitcoin ETF market with majority inflows, it’s slowly closing the gap with Grayscale to become the largest ETF in terms of AUM. The BlackRock Bitcoin ETF IBIT currently holds 284,526 Bitcoins worth a total of $19.32 billion. On the other hand, Grayscale’s GBTC holdings stand at 289,257 worth a total of $19.64 billion.
May 24 Update:
— Lookonchain (@lookonchain) May 24, 2024
9 ETFs added 1,228 $BTC(+$83.4M).#Blackrock added 1,321 $BTC(+$89.7M) and currently holds 284,526 $BTC($19.32B).#Grayscale decreased 243 $BTC(-$16.5M) and currently holds 289,257 $BTC($19.64B).https://t.co/UkXfbomoCM pic.twitter.com/aZuevdvb4z
This sustained influx of funds into Bitcoin spot ETFs reflects continued investor interest and confidence in the cryptocurrency market, despite recent fluctuations in prices and market conditions.
BTC ETFs to Dominate the Market
The arrival of regulated Bitcoin investment products will bring more institutional money to the asset class. Speaking on the approval of spot Ethereum ETF, Geoffrey Kendrick, the head of forex and digital assets research at Standard Chartered Bank, said that he maintains his expectation of robust inflows for spot bitcoin exchange-traded funds (ETFs), which leads him to anticipate a year-end price target of $150,000 for BTC.
Kendrick also highlights the attractiveness of a portfolio comprising both BTC and ETH ETFs, suggesting that the industry has received further validation following the SEC’s decision on ETH.