Bitcoin ETFs End The Week With 15K BTC Inflow, Michael Saylor Hails Milestone

by

As an experienced analyst, I’m impressed by the consistent net inflows and notable performances from major Spot Bitcoin ETFs over the past week. The market’s demand for these investment products has been robust, with over $1.2 billion in inflows during this period. This significant investor activity outpaces a month’s worth of new BTC mined, which could potentially lead to a supply crunch and be bullish for Bitcoin prices.

Over the past week, there was heightened interest from investors in the Spot Bitcoin Exchange-Traded Fund (ETF) market. This was evident through continuous net purchases and impressive gains from leading ETFs. These ETFs attracted over 15,000 Bitcoins (BTC), which represents a substantial increase compared to the amount of new BTC mined in a month.

Spot Bitcoin ETF Weekly Inflows

As a researcher studying the cryptocurrency market, I’ve observed an impressive beginning to the week with US-listed Spot Bitcoin ETFs recording over $241 million in inflows on May 20, Monday. Grayscale’s GBTC experienced an additional $9.35 million investment despite the departure of its CEO, Michael Sonnenshein, which marks the fifth consecutive day with net inflows for GBTC. ARK Invest and 21Shares’ ETF, ARKB, attracted approximately $68.28 million, while BlackRock’s IBIT welcomed $66.35 million in investments.

As an analyst, I’ve examined the Bitcoin ETF market trends on Tuesday. The momentum persisted, with a total inflow of $305.7 million. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) spearheaded the surge, recording a substantial $290 million in inflows. Fidelity’s FBTC also played a significant role with an addition of $25.8 million. In contrast, Grayscale’s GBTC did not witness any inflows on this day. However, the Bitwise Bitcoin ETF (BITB) and VanEck’s HODL experienced outflows amounting to $4.2 million and $5.9 million, respectively.

As a researcher studying the Bitcoin Exchange-Traded Fund (ETF) market, I’ve observed that on Wednesday, there was a net inflow of $154 million into Bitcoin ETFs, marking the eighth straight day of positive investment. Among the top performers, BlackRock’s iShares BitCoin Trust (IBIT) attracted substantial interest with an inflow of $91.95 million, while Fidelity’s Wise Origin Bitcoin Index Fund (FBTC) also saw a strong performance with $74.57 million in new investments. Conversely, Grayscale’s Bitcoin Trust (GBTC) experienced an outflow of $16.09 million during this period.

As a crypto investor, I’m keeping a close eye on the Bitcoin ETF market, and the demand remains strong. On Thursday alone, there was a net inflow of $107 million, making it the ninth day in a row with positive inflows. Among the major players, BlackRock’s IBIT took the lead with an inflow of $89 million. Fidelity’s FBTC reported $19.12 million, while VanEck’s HODL accounted for $9 million. Ark 21Shares’ ARKB and Invesco Galaxy’s BTCO also saw net inflows of $2 million each. However, Grayscale’s GBTC experienced an outflow of $13.72 million.

Last Friday, May 24, marked the end of the week with a net investment influx of $252 million. This brings the total number of consecutive days with inflows to ten. Notably, BlackRock’s Institutional Businesses Investment Trust (IBIT) added $182 million, while Fidelity’s FBTC experienced a considerable inflow of approximately $43.71 million. Grayscale’s GBTC remained neutral, neither gaining nor losing investments during this period.

Michael Saylor Lauds Robust Inflows

BlackRock’s IBIT has persisted in its lead in the Bitcoin ETF sector, narrowing the difference between it and Grayscale. Currently, IBIT manages 284,526 Bitcoins worth approximately $19.32 billion, while GBTC holds 289,257 Bitcoins with a market value of around $19.64 billion.

Michael Saylor, the CEO of MicroStrategy, has praised the impressive gains of Bitcoin ETFs. In addition, he expressed high regard for the growing global market for Bitcoin ETFs. On platform X, he penned down, “The amount of Bitcoin held by 28 Spot Bitcoin ETFs is fast approaching one unit of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.” Consequently, we might soon observe over a million Bitcoins being stored in these investment funds.

Based on the most recent information, US Bitcoin ETFs currently have custody over approximately 855,702 Bitcoins. In contrast, global Bitcoin ETFs collectively manage around 991,336 Bitcoins. This indicates that the total holding could surpass the 1 million Bitcoin mark within the upcoming week.

Additionally, the purchase of 15,421 Bitcoin by these ETFs this week outpaced the 13,500 Bitcoin mined during that time frame. As a result, there’s a growing concern about a potential supply shortage with Bitcoin reserves on exchanges also decreasing due to large-scale buying from whales.

Read More

2024-05-26 10:42