As an analyst with a background in traditional finance and a keen interest in the digital asset space, I find the recent trend of positive inflows into Bitcoin ETFs to be a promising development. The collective uptrend across various providers, including industry giants like Fidelity and BlackRock, suggests a broader recovery in investor sentiment towards spot Bitcoin ETFs.
The market for Spot Bitcoin Exchange-Traded Funds (ETFs) is seeing a revival, as indicated by two successive days of $217 million in positive investments. This surge in investment follows a lull in inflows since mid-March when they had largely stagnated.
US Bitcoin ETFs Regain Momentum
As a crypto investor, I’m excited to share that Grayscale Bitcoin Trust (GBTC) has seen another inflow of investment, totaling $3.9 million in the past day. This marks the second consecutive day of capital inflows, indicating that the outflows at GBTC might have come to a halt. The absence of significant selling pressure could potentially be a positive sign for the Bitcoin trust.
For the second consecutive day, BlackRock’s IBIT recorded inflows, following a six-day streak with no net additions and one day of withdrawals totaling $21.5 million. Meanwhile, Fidelity, a major player in the financial industry, led the pack with impressive inflows amounting to $99.2 million.
Several other ETF providers such as Bitwise, ARK, Invesco, Franklin, and VanEck experienced inflows last week. Bitwise attracted $2.1 million, ARK brought in an impressive $75.6 million, Invesco gained $11.1 million, and both Franklin and VanEck recorded $1.8 million each. The fact that multiple providers have seen positive flows indicates a widespread improvement in investor sentiment towards Bitcoin spot ETFs.
Yesterday’s ETF inflows by @FarsideUK
We had $217 million of inflows and all were positive.
Fidelity had $99 million, Ark $75 million and $GBTC $3.9 million.
Blackrock did $21.5 million.
Price in range of $63k-$65K.
As long as inflows stays positive here the supply is…
— WhalePanda (@WhalePanda) May 7, 2024
Expert Eric Balchunas from Bloomberg commented on the unusual occurrence of continuous positive inflows into Bitcoin-related ETFs. He remarked, “This is a first – all green daily flows for Bitcoin ETFs with no red. While I won’t prematurely celebrate as some did during the outflow phase, I will acknowledge that over 95% of investors stayed put through a challenging and prolonged market downturn. Will the same hold true next time? It’s uncertain, but history suggests a strong likelihood.”
Adam Blumberg, the co-founder of Interaxis, commended the composed approach of ETF investors, highlighting their forward-thinking mindset and ability to withstand market fluctuations. “ETF investors aren’t speculators. They’re not impulsive traders. Instead, they anticipate volatility and remain invested for the long-term gain. Even when they allocate 1-5% of their portfolio to ETFs, short-term dips have limited impact on their overall investment.”
As a researcher, I’m excited to share that a recent 13F filing disclosed Hightower, a leading asset manager with over $130 billion in assets under management, acquired approximately $68 million in Bitcoin Exchange-Traded Funds (ETFs). The assorted investments of Hightower in various Bitcoin ETFs including Grayscale, Fidelity, BlackRock, ARK, Bitwise, and Franklin Templeton, underscore a substantial vote of confidence from established financial institutions towards the digital currency.
HighTower 13F today discloses the following positions:
The amount invested in Grayscale’s Bitcoin trust is approximately $44.8 million (equivalent to 709,956 shares). For Fidelity’s Bitcoin ETF, it’s about $12.4 million (representing 200,084 shares). The investment in BlackRock’s Bitcoin ETF is around $7.6 million (corresponding to 188,397 shares), and ARK’s Bitcoin ETF holds roughly $1.7 million (equivalent to 23,964 shares). Bitwise’s Bitcoin ETF manages approximately $988,000.
— MacroScope (@MacroScope17) May 6, 2024
Hunter Horsley, Bitwise’s CEO, expressed optimism following Hightower’s investment announcement, implying a promising future for the collaboration between conventional finance and Bitcoin. He stated, “Hightower is a renowned and substantial RIA firm in the US. The coming years will see more and more instances of Bitcoin being adopted by major traditional financial institutions in 2024.”
At press time, BTC traded at $64,273.
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2024-05-07 12:41