Bitcoin ETFs tracking spot bitcoin on U.S. stock exchanges continued their impressive run, reporting inflows for a seventh straight day on Wednesday. During that session, the funds witnessed an inflow of $335.8 million. Large investors are becoming increasingly confident about investing in Bitcoin through such regulated ETFs.
Source: farside
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Bitcoin ETFs Dominate Institutional Inflows
Spot bitcoin ETFs have been able to garner close to $1.9 billion across seven straight days, a number that is much larger compared to the $1.2 billion generated in March. The largest share comes from BlackRock’s iShares Bitcoin Trust (IBIT), which alone accounted for more than $1.4 billion, roughly 73%.
IBIT currently has 809,870 BTC, which accounts for an estimated 62% of all Bitcoins held by US Spot ETFs. On the other hand, the Bitcoin trust from Morgan Stanley (MSBT), launched on April 8, has been growing, adding $95 million with zero outflows registered to date.
Overall, US-listed Bitcoin ETFs holding Bitcoin (BTC) on a spot basis are currently estimated to be in possession of about 1.3 million BTC, worth nearly $103 billion.
Bitcoin Surges on ETF Inflows
The price of Bitcoin has also appreciated along with the influx of funds into the crypto space. In the past 30 days, BTC has risen around 11%, breaking above the level of $79,000, which it hasn’t breached since the end of January. But, at the time of writing, over the last 24 hours, BTC has seen a slight drop of 0.40%, trading at $78,525.
Source: CoinMarketCap
Meanwhile, investments in Ethereum products are becoming popular too. Spot Ethereum ETFs listed in the United States have experienced an inflow for the past ten days, amounting to a total of $633.6 million.
With all of these activities, on a positive note, the market continues to stay conservative. According to the Crypto Fear & Greed Index, there has been an upward swing to 46, reaching its highest mark since late January, but it’s still within the fear category.
Source: alternative.me
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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