Bitcoin exchange-traded funds (ETFs) experienced a notable increase in net inflows of $222 million on May 17, 2024. This positive trend continued throughout the trading week, as Bitcoin’s price rebounded by 10.3% over the past seven days.
$BTC #ETF
Net Inflow May 17, 2024: +$222M!
• Net inflows have remained positive for the entire trading week, alongside a 10.3% rebound in the price of $BTC (7D)!
• #Grayscale (GBTC) has witnessed single-day inflows for three consecutive trading days.
• The highest single-day…
pic.twitter.com/mR0iJw8aUG — Spot On Chain (@spotonchain) May 18, 2024
Grayscale Bitcoin Trust (GBTC) has consistently attracted single-day inflows for three consecutive trading days. However, Fidelity’s Bitcoin ETF (FBTC) emerged as the leader with the highest single-day inflow of $99.4 million. Close behind was BlackRock’s Bitcoin ETF (IBIT), which saw an inflow of $38.1 million.
Market Sentiment and Analyst Insights
Bloomberg analyst Eric Balchunas offered insights into the market sentiment surrounding Bitcoin ETFs. He observed a recurring pattern of last-minute pessimistic predictions prior to significant approvals, similar to what occurred before the spot Bitcoin ETF approval. Balchunas emphasized that these predictions often serve as risk-free public relations moves, allowing commentators to gain attention without consequences if proven wrong.
Same thing happened a couple of days before the spot BTC approval. People came out last minute and said, “it’s going to be denied” because why not? It’s like a way out of the money call option to give themselves attention if, by off chance, it happens. No harm if they’re wrong. Risk-free PR move. This is the same… https://t.co/aN8ymp6s0c — Eric Balchunas (@EricBalchunas) May 17, 2024
The consistent net inflows and significant single-day inflows reflect strong investor confidence in Bitcoin ETFs. The positive price movement of Bitcoin further reinforces this sentiment, indicating a promising market outlook for the cryptocurrency and its associated investment vehicles.
Tags: BTC, ETF
