As a researcher with a background in finance and experience in following the cryptocurrency market, I find these developments intriguing. The ongoing focus on Ethereum ETFs is undeniable, but it’s essential not to overlook the growing demand for Bitcoin ETFs among institutional investors.
As the crypto world eagerly awaits the decision on Ethereum spot ETFs, institutional investors are steadily upping their investments in Bitcoin ETFs. On May 22 alone, US Bitcoin ETFs experienced eight straight days of outflows.
BlackRock To Overtake Grayscale
On May 22nd, there was an inflow of $154 million into Bitcoin spot ETFs, marking the eighth straight day of such inflows, according to Farside Investors’ data.
On Wednesday, I observed that Grayscale ETF GBTC experienced a withdrawal of approximately $16.0914 million, while BlackRock ETF IBIT reported a substantial daily inflow of around $91.9527 million. Notably, Fidelity ETF FBTC also recorded an inflow of roughly $74.572 million on the same day.
BlackRock is on the brink of surpassing GBTC as the Bitcoin ETF with the greatest assets under management due to this latest advancement. Concurrently, Bitcoin ETFs have achieved yet another significant benchmark by holding over 850,000 Bitcoins in total. Additionally, global ETFs are on track to manage close to one million Bitcoins.
Bitcoin ETFs hit a record high of 850,000 BTC held today
Global ETFs are closing in on 1 million Bitcoin held
— HODL15Capital (@HODL15Capital) May 23, 2024
Growing Demand for Bitcoin ETFs Worldwide
As a financial analyst, I’m excited to share that on May 22, 2023, WisdomTree, a renowned global asset manager, reached an impressive achievement in the burgeoning cryptocurrency investment landscape. The company announced it has obtained approval from the U.K. Financial Conduct Authority (FCA) to launch Exchange-Traded Products (ETPs) for Bitcoin and Ethereum on the London Stock Exchange (LSE).
As a crypto investor, I’ve noticed that Eric Balchunas, a strategist at Bloomberg, pointed out that only physically-backed Bitcoin ETFs are currently approved for trading, with two offerings from WisdomTree set to begin. However, it’s important to keep in mind that a ban on retail investment still applies, highlighting the complex regulatory landscape surrounding these digital asset investment vehicles.
Based on Glassnode’s analysis, Bitcoin’s market has experienced a lull after prolonged pressure from distributors. Although some investment dollars have trickled in, lessened selling actions and muted price swings point towards a possible major market transformation imminently.
As a crypto investor, I’ve noticed that the Bitcoin market has taken a breather after enduring significant distribution pressure for numerous months straight.
With capital inflows still relatively small, the reduction in selling pressure and narrowing of price swings indicate that a larger price shift may be imminent.
Discover more in the latest Week…
— glassnode (@glassnode) May 21, 2024
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2024-05-23 09:41