Bitcoin ETFs Experience Inflow Surge with IBIT and GBTC at Forefront
A notable shift occurred in U.S. spot bitcoin exchange-traded funds (ETFs) recently, as they reversed a trend of negative outflows, attracting a significant $123.7 million in inflows.
Among the ETFs, Blackrock’s IBIT and Grayscale’s Bitcoin Trust (GBTC) took center stage. IBIT stood out with a total volume of $1.55 billion in trades and bolstered its holdings by adding 478.4 BTC. However, GBTC experienced a slight decline, witnessing a reduction in bitcoin reserves from 318,451.70 to 316,193.43 BTC. On the positive side, Fidelity’s FBTC showcased growth, increasing its reserves by 1,093.10 BTC over the 24-hour period.
In the broader landscape, Ark Invest and Bitwise also saw modest increases in their bitcoin reserves. Bloomberg’s senior ETF analyst Eric Balchunas drew attention to the remarkable performance of IBIT and FBTC, noting their continuous 62-day streak of inflows, which is approaching the record previously set by JETS. This trend underscores growing investor interest and confidence in bitcoin ETFs, signaling a potentially transformative period for the cryptocurrency market.
Clever Robot News Desk 13th April 2024
Related Article
