Bitcoin ETF Sees $66M Inflow Boosted by Fidelity’s FBTC Support

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As a researcher with extensive experience in the cryptocurrency market, I find the recent surge in Bitcoin ETF inflows, led by Fidelity’s FBTC, to be an exciting development. After two consecutive days of outflows, a significant $66 million net inflow was reported on May 13, signaling renewed investor interest in cryptocurrency-backed exchange-traded funds.

The US Bitcoin ETF market, represented by the Spot Bitcoin sector, has seen a significant surge with an inflow of approximately $66 million over the past two days. This marks a reversal from the outflow trend experienced during the previous week. Notably, Fidelity’s Bitcoin ETF (FBTC) has spearheaded this influx, indicating renewed investor enthusiasm towards cryptocurrency-based exchange-traded funds. Additionally, the inflow coincides with Bitcoin’s price recovery.

Fidelity’s FBTC Leads Bitcoin Inflow Surge

As a researcher studying the Bitcoin Exchange-Traded Fund (ETF) market, I’ve observed an intriguing development: after two consecutive days of outflows, there was a remarkable turnaround with approximately $66 million in net inflows reported by Farside Investors. Among the leading contenders, Fidelity’s Bitcoin ETF, FBTC, attracted a substantial portion of these inflows, with an impressive $38.6 million. Bitwise Bitcoin ETF, BITB, followed closely behind, attracting around $20.3 million in new investments.

Simultaneously, the surge in trading activity signifies traders’ restored faith in Bitcoin ETFs. Additionally, this trend aligns with Bitcoin’s recent price jump over $63,000. Importantly, investors’ renewed enthusiasm for crypto investments emerges amidst market instability, underscoring a growing demand for cryptocurrency assets.

Noting the significant change, $66 million flowed in on May 13, contrasting the preceding two days with net outflows. No ETF recorded outflows during this period. However, seven out of ten US Bitcoin ETFs, including Grayscale and BlackRock’s offerings, reported no inflow or outflow for the given timeframe.

Over the past thirty trading days, a total of $297 million was withdrawn from the ten Bitcoin ETFs, with this happening on fifteen of those days.

Bitcoin ETF Sees $66M Inflow Boosted by Fidelity’s FBTC Support

Crypto Market Performance

As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development: a massive injection of $66 million into Bitcoin ETFs. This influx signifies a resurgence of bullish sentiment among investors, with Fidelity’s FBTC leading the charge and attracting a significant portion of these funds.

At present, the total value of the cryptocurrency market has increased by 0.37%, amounting to $2.27 trillion. Simultaneously, the market’s trading volume experienced a significant jump of 50%, reaching $71.79 billion. During this period, Bitcoin witnessed a modest rise of 0.33%, with its price standing at $61,876.45.

Over the past day, the Bitcoin price reached a peak of $63,422.66 and hit a low of $61,400.88, demonstrating the market’s ongoing volatility.

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2024-05-14 11:01