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Bitcoin ETFs are seeing surprisingly high inflows
Alex Dovbnja
Bitcoin ETFs saw huge inflows on Tuesday, but it remains to be seen whether the largest cryptocurrency will be able to record a new all-time high in the near future
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Spot Exchange Traded Funds (ETFs) on Tuesday plywood a staggering $887 million in net inflows. This marks the second largest daily haul since trading began in January.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led with a huge inflow of $379 million.
“Loyalty is a no-brainer, there are big flows for The Ten today, almost $1 billion in total,” Eric Balchunas, a leading ETF analyst, said on social media platform X.
BlackRock’s iShares Bitcoin Trust attracted inflows worth $274 million. The ARK 21Shares Bitcoin ETF (ARKB) recorded less than modest inflows worth $139 million.
The Bitwise Bitcoin ETF (BITB) and Grayscale Bitcoin Trust (GBTC) rank fourth and fifth with $61 million and $28 million, respectively.
US-based Bitcoin spot ETFs have seen 16 days of uninterrupted inflows.
Balchunas recently noticed this Bitcoin ETFs it had demonstrated great resilience after a series of outflows in April. According to the analyst, the third wave of inflows is turning into a “tidal wave.”
ETF analyst James Seyffart pointed out that it is normal for these ETFs to have inflows and outflows.
“It’s simply part of the way ETFs operate. They have inflows and outflows. It’s normal, standard procedure. There’s not much that can be guaranteed, but I can guarantee that over time we will have periods of outflows for these ETFs as a group. As we’ve seen most recently in April,” he said.
The flagship cryptocurrency is currently trading at $71,170, having risen by around 3% in the past 24 hours. For now, the cryptocurrency continues its range-bound trading streak. Galaxy Digital CEO Mike Novogratz recently said that Bitcoin is expected to break out of the coveted $73,000 level to potentially hit $100,000 by the end of the year.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.