US-based spot Bitcoin exchange-traded-funds (ETFs) have recorded a total of $2.75 billion in inflows this week amid Bitcoin surpassing its January all-time high of $109,000.
This $2.75 billion total inflow was almost 4.5 times greater than Bitcoin spot (BTCETF inflows of $608 millions in the week prior, according Farside Data.
BlackRock Bitcoin ETF keeps up its inflows
Spot Bitcoin ETFs saw inflows of $211.7 millions on May 23, the last day of trading. BlackRock IBIT, however, was the sole fund that posted gains on the day. It added $430.8 millions and extended its inflow streak of eight days.
Grayscale’s GBTC was the largest outflow, with $89.2 millions. ARK 21Shares ARKB followed with $73.9.
Bitcoin ETFs have seen inflows of $607.1 million just two days earlier, May 21. surpassed its $109,000 all-time high. Bitcoin reached a record high the following day of $111 970.
Bitcoin was trading for $108,141 at the time this article was published. according CoinMarketCap provides data on the market.
Bitcoin’s slight price decline over the past 24 hours came alongside a decline in crypto market sentiment, according to the Crypto Fear & Greed Index.
The Index measures the overall sentiment of the crypto markets. “Greed” Score of 66 is down 12 points. “Extreme Score” On the day before, there were 78.
Related: Bitcoin price ‘breather’ expected as short-term traders realize $11.6B in profit
Cointelegraph reported recently that Bitcoin spot ETFs could be on their way to surpassing the record for monthly inflow. $6.49 billion from November 2024. With five days left in May, the spot Bitcoin exchange-traded funds (ETFs) have amassed approximately $5,39 billion.
While several analysts have recently claimed that Bitcoin does not show any signs of being overheated despite reaching new all-time highs The fundamentals of the economy are pointing in a positive direction this week that Bitcoin could rise further.
CryptoQuant analyst Crypto Dan stated on May 22, “Overheating indicators such as the funding rate and short-term capital inflow remain low compared to previous peaks, and profit-taking by short-term investors is limited.”
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Source: cointelegraph.com
