Spot Bitcoin ETFs Maintain Robust Inflows For 8 Consecutive Days

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Since their inception, the US-approved spot Bitcoin ETFs have recorded an impressive adoption rate. More investors have joined the train following Bitcoin’s attractive price trend over the past few months.

As a result, the crypto products amassed a cumulative amount of $154 million in inflows on May 22. This amount stemmed from recurring positive inflows for 8 consecutive days.

Spot Bitcoin ETFs Witness Net Inflows For 8 Days 

According to data from Farside Investors, a London-based investment management firm, spot BTC ETFs recorded a total inflow of $154 million on May 22. 

BlackRock’s IBIT led the trend with a net inflow of $92 million. Fidelity’s FBTC followed closely with a total inflow of $74.6 million. ARKB, the ETF product from ARK Investment, amassed an inflow of $3.5 million. 

The past eight days showed consistent positive overall inflows for the products. However, despite the impressive trend for the ETFs, Grayscale’s ETF posted a negative pattern. GBTC saw a whopping $16.09 million outflow as of May 22.

The remaining ETFs showed zero activity for the day. The products in this category include Galaxy Digital’s BTCO, VanEck’s HODL, Bitwise’s BITB, Valkyrie’s BRRR, WisdomTree’s BTCW, and Franklin Templeton’s EZBC.

Meanwhile, according to SoSoValue, the cumulative holdings of all spot Bitcoin ETFs amounted to $57.29 billion on May 23, with IBIT holding a total of $16.17 billion in assets.

Bitcoin Price Spiked Spot Product Adoption

Bitcoin’s recent price rallies contributed to the growth recorded in spot BTC ETF adoption. The primary crypto token hit a new all-time high of $73,750 in mid-March.

Though it slipped after a few days, BTC has witnessed an almost 5% increase within the past few weeks. As of 11:14 AM EST on May 24, Bitcoin trades at $68,357, and its trade volume surged by 5.39% to $38.68 billion.

According to data, spot Bitcoin ETFs seemingly follow the trend in the price growth of the underlying asset. The ETFs opened an alternative investment route for more investors, and now, traditional financial entities are embracing spot BTC ETFs.

According to K33 Research’s analyst, as of March 31, about 937 US-based professional companies had invested in spot Bitcoin ETFs. These include Millennium Management, a prominent hedge fund, and  Susquehanna International Group (SIG), 

Also, Bracebridge Capital, a Boston-based hedge fund for universities like Princeton and Yale, and Boothbay Fund, based in New York, have invested in the ETFs.

Per the report, Millenium Management and SIG invested $2 billion and $1 billion in spot Bitcoin ETFs, respectively. Similarly, Bracebridge Capital and Boothbay Fund invested about $434 million and $377 million respectively.

Further, the report revealed that these institutional investments hold a total of $11.06 billion, representing 18.7% of BTC ETF AUM. Also, it highlighted ARKB and HODL as having the largest institutional capital among other ETFs.