BlackRock Surpasses Grayscale Amid 8 Days of Bitcoin ETF Inflows

BlackRock’s Bitcoin ETF IBIT experienced large inflows again while GBTC outflows resumed. Bitcoin’s price is now hovering around $69,000.

While institutional investors escalate their exposure to Bitcoin ETFs, the approval of spot Ethereum ETFs continues to occupy the attention of the entire cryptocurrency community. 

Wednesday, May 22, marked the eighth consecutive day of outflows for U.S. spot Bitcoin ETFs. 

BlackRock To Overtake Grayscale

Farside Investors reports that the Bitcoin spot ETF experienced a net inflow of US$154 million on May 22, extending a streak of net inflows that spanned eight consecutive days. 

Conversely, Grayscale ETF GBTC encountered a daily outflow of $16.0914 million on Wednesday, whereas BlackRock ETF IBIT documented an intraday inflow of $91.9527 million. 

Moreover, on the same day, Fidelity ETF FBTC received an inflow of $74.572 million. 

With this development, BlackRock is approaching the threshold where it will surpass GBTC as the preeminent Bitcoin ETF in terms of assets under management. 

However, Bitcoin exchange-traded funds (ETFs) have achieved yet another significant milestone by amassing over 850,000 Bitcoins to date. 

Likewise, worldwide ETFs are approaching the point of amassing over one million Bitcoins. 

https://twitter.com/HODL15Capital/status/1793501411080114279

Rising Global Demand for Bitcoin ETFs

WisdomTree, a prominent international asset manager, reached a significant milestone in the realm of cryptocurrency investments on Wednesday, May 22. 

The organization disclosed that it has obtained approval from the Financial Conduct Authority (FCA) of the United Kingdom to list Exchange-Traded Products (ETPs) utilizing Bitcoin and Ethereum on the London Stock Exchange (LSE). 

Eric Balchunas, a strategist at Bloomberg, remarked that although the news remains accurate, it only applies to tangibly backed Bitcoin ETFs; two from WisdomTree are scheduled to begin trading initially. 

Furthermore, the existence of a retail prohibition emphasizes the intricate regulatory aspects concerning these investment products. 

According to Glassnode analytics, the Bitcoin market has been cooling off following months of notable distribution pressure. 

Despite modest capital inflows, the decline in selling activity and a reduction in volatility suggest the likelihood of a substantial market transition in the near future. 

#Bitcoin markets have experienced a cool down after several months of intense distribution pressure.

Whilst capital inflows remain modest, the lightening of sell-side, and compression of volatility suggest a bigger move could be on the horizon.

Discover more in the latest Week… pic.twitter.com/VudlMGElPr

— glassnode (@glassnode) May 21, 2024