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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Bitcoin news

Bitcoin ETFs Ride The Bull Again: Second Straight Inflow Day Sparks Optimism

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Spot Bitcoin ETF market is currently experiencing a resurgence, marked by a second consecutive day of positive inflows totaling $217 million. This increase in investment activity is a notable reversal from the previous weeks where inflows inflows stagnated since mid-March.

US Bitcoin ETFs Regain Momentum

Grayscale Bitcoin Trust (GBTC), a pioneer in crypto investment products, once again attracted capital with an inflow of $3.9 million. This positive trend for the second day in a row underlines that the outflows at GBTC may have come to a halt, which could remove significant selling pressure.

BlackRock’s IBIT also saw inflows for the second day in a row after seeing zero net inflows on six of the last seven days and one day of outflows, raising $21.5 million. Fidelity, another heavyweight in the financial sector, outshone others with the strongest inflows, drawing $99.2 million.

Related Reading: Grayscale Bitcoin Trust Sees First Inflows In 3 Months, Hong Kong ETF Market Gains Traction

Other ETF providers like Bitwise, ARK, Invesco, Franklin, and VanEck also saw positive flows, although less pronounced compared to the leaders. Bitwise added $2.1 million, ARK impressed with $75.6 million, Invesco secured $11.1 million, while both Franklin and VanEck recorded $1.8 million each. This collective uptrend across diverse providers suggests a broad-based recovery in investor sentiment towards spot Bitcoin ETFs.

Yesterday's ETF inflows by @FarsideUK

We had $217 million of inflows and all were positive.

Fidelity had $99 million, Ark $75 million and $GBTC $3.9 million.

Blackrock did $21.5 million.

Price in range of $63k-$65K.

As long as inflows stays positive here the supply is… pic.twitter.com/iKUNFCLLhK

— WhalePanda (@WhalePanda) May 7, 2024

Bloomberg ETF specialist Eric Balchunas commented on the phenomenon, noting the rarity of uniformly positive inflows and the resilience of ETF investors. He said, “First time ever 1D flows all green, no red for the Bitcoin Bunch. Not going to spike the football like some did during the outflow period but will point out that over 95% of the ETF investors HOLD-ed during what was a pretty nasty and persistent downturn. Will same happen next time? Who knows, but track record says it will be pretty high % again. As we said, outflows will happen, so will inflows but over time two things tend to be true for ETFs: net growth and relatively strong hands.”

Related Reading: Bitcoin Supply Shock: Exchange Inflow Trend Lowest Since 2015

Adam Blumberg, the co-founder of Interaxis, commented on the mature behavior of ETF investors, emphasizing their long-term perspective and resilience to volatility. “ETF investors aren’t trading. They’re not degens. They expect the volatility, and in for the long term benefit. When they’re investing 1-5%, the short term downturns also have a minimal effect on overall portfolio,” he explained.

Adding to the optimism, a recent 13F filing revealed that Hightower, a $130 billion asset manager, purchased $68 million worth of spot Bitcoin ETFs. The diverse set of investments from Hightower in Bitcoin ETFs such as Grayscale, Fidelity, BlackRock, ARK, Bitwise, and Franklin Templeton illustrates a significant endorsement of Bitcoin from traditional financial institutions.

HighTower 13F today discloses the following positions:

Grayscale BTC: $44,838,000 (709,956 shares)
Fidelity Bitcoin ETF: $12,410,000 (200,084 shares)
BlackRock Bitcoin ETF: $7,621,000 (188,397 shares)
ARK Bitcoin ETF: $1,702,000 (23,964 shares)
Bitwise Bitcoin ETF: $988,000…

— MacroScope (@MacroScope17) May 6, 2024

Hunter Horsley, CEO of Bitwise, reacted to the news of Hightower’s investment, indicating a positive outlook for the future interaction between traditional finance and Bitcoin. “Hightower is one of the largest RIA firms in the country, and highly admired. 2024 is going to have more & more stories of Bitcoin embraced by large traditional firms,” he remarked.

At press time, BTC traded at $64,273.

Bitcoin price
BTC price, 1-day chart | Source: BTCUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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