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Shiba Inu
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Ethereum
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BNB
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Solana
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$175.99 -2.98076
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XRP
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Shiba Inu
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Bitcoin ETFs see $45m in inflows

bitcoin-etfs-see-45m-in-inflows
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Bitcoin ETFs see $45m in inflows

Spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded a net inflow of $45 million on May 28. 

This extended their win rate to 11 straight days despite the Grayscale Bitcoin Trust ETF (GBTC) experiencing $105.2 million in outflows.

These ETF products collectively saw an inflow of 632 BTC. The positive capital flow was due to BlackRock’s and Fidelity’s products overshadowing the 1,550 BTC outflow from GBTC. 

Notably, BlackRock’s iShares Bitcoin Trust (IBIT) witnessed inflows worth $102.5 million, the largest for any ETF. Meanwhile, Fidelity’s Wise Origin Fund (FBTC) recorded the second-highest inflow of $34.3 million. 

Franklin Bitcoin ETF (EZBC) and VanEck Bitcoin Trust (HODL) reported zero inflows on the same day.

The massive outflow from GBTC resulted in the product losing its position as the largest spot ETF in terms of BTC holdings. This shift is attributed to the higher costs associated with the ETF compared to other products, leading investors to withdraw funds. 

Before converting to an ETF, Grayscale held over 600,000 BTC. Following 96 days of trading, BlackRock’s IBIT surpassed GBTC in BTC holdings, with 288,671 BTC worth $19.7 billion, compared to GBTC’s 287,488 BTC worth $19.6 billion.

Since the launch of Bitcoin ETFs in January in the United States, over 566,662 BTC have been acquired by these funds, per data sourced by market analyst Quinten Francois. These ETFs now hold over 840,000 BTC under management. 

Despite the ongoing streak of capital inflows, Bitcoin still needs to hold above the $70,000 price threshold confidently. The leading cryptocurrency is currently priced at $67,900. Notably, BTC briefly reached an intraday peak of approximately $70,590 two days back before relinquishing the territory to the bears.