- The U.S.-traded spot bitcoin ETFs added $2.4 billion worth of bitcoin over the past month.
- This streak follows a period of flat to negative after an initial phase of euphoria.
- BlackRock's iShares Bitcoin Fund (IBIT) crosses $20 billion in assets under management.
The U.S.-based spot bitcoin ETFs yesterday made it 15 consecutive sessions of net inflows, with the latest rush of money combing with a rally in the price of {{BTC}} to send BlackRock's iShares Bitcoin Fund (IBIT) to more than $20 billion in assets under management for the first time.
According to Bloomberg Intelligence senior ETF analyst Eric Balchunas, the ETFs pulled in roughly $2.4 billion in fresh money over the past month. That would be the third-largest amount of net inflows across the entire ETF market.
“The ability to bounce back with renewed interest after a couple nasty selloffs are rare for hot sauce-type strategies,” Balchunas said in a post on X. “[It] shows staying power.”
Following the initial euphoria for the launch of the spot ETFs, inflows slowed down significantly in April and even turned negative for several days, an occurrence which experts then said was very normal.
Since May 16, though, net inflows have averaged $140 million per day, according to data from Farside Investors., led by IBIT, which pulled in $1.1 billion over that period and continues to be the strongest out of the ten funds. IBIT as of yesterday held 291,563 bitcoins valued at $20.15 billion