In the past two weeks, despite a fluctuating cryptocurrency market, the spot Bitcoin ETF (Exchange Traded Fund) has continuously experienced inflows, highlighting investors’ and institutions’ trust in Bitcoin. Recently, the on-chain analytics firm Lookonchain made a post on X (previously Twitter) that today, on May 29, 2024, all spot Bitcoin ETF issuers saw a net inflow of $140.8 million, equivalent to 2,075 Bitcoin.

Spot Bitcoin ETF continuous inflow

Out of this significant Bitcoin inflow, the highest was into the largest Bitcoin ETF managed by the asset management giant BlackRock. According to the post on X, BlackRock’s iShare Bitcoin Trust (IBIT) added a massive 1,503 Bitcoin, worth $102 million. With this substantial Bitcoin inflow, BlackRock’s IBIT currently holds a massive 288,671 Bitcoin, worth $19.59 billion.

Meanwhile, another asset management giant, Grayscale, experienced an outflow of 47 Bitcoin, worth $3.2 million. Following this outflow, Grayscale’s GBTC currently holds 288,993 Bitcoin, worth $19.6 billion. Notably, yesterday, on May 28, 2024, BlackRock’s IBIT surpassed Grayscale’s GBTC to become the largest Bitcoin ETF.

Will Bitcoin price increase?

Besides this substantial inflow, only two Bitcoin ETF issuers, including GBTC, have seen outflows. The Invesco Galaxy Bitcoin ETF (BTCO) experienced an outflow of 236 Bitcoin. However, the overall net inflow for the 10 Bitcoin ETFs has been positive for the last 12 consecutive trading days. This consecutive inflow highlights investors’ interest and the potential for a bull run in Bitcoin.

Despite the continuous net inflow into spot Bitcoin ETFs, Bitcoin is currently trading near the $67,600 level, having experienced a 0.5% downside momentum in the last 24 hours. Over a longer period, Bitcoin saw a 4% downside move in the last 7 days, whereas it experienced an 8% upside move in the last 30 days.

In the past two weeks, despite a fluctuating cryptocurrency market, the spot Bitcoin ETF (Exchange Traded Fund) has continuously experienced inflows, highlighting investors’ and institutions’ trust in Bitcoin. Recently, the on-chain analytics firm Lookonchain made a post on X (previously Twitter) that today, on May 29, 2024, all spot Bitcoin ETF issuers saw a net […]  Read MoreNews, Bitcoin, Crypto, ETF 

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