BlackRock’s Spot Bitcoin ETF Records Biggest Inflows Since April as BTC Hovers at $70K

BlackRock’s IBIT product experienced a significant inflow of over $290 million on Tuesday, marking the highest one-day inflow this month and since April.

Overall, ETFs saw net inflows of nearly $300 million on Tuesday, with Grayscale’s GBTC showing a five-day streak of inflows.

A popular bitcoin {{BTC}} spot exchange-traded fund (ETF) in the US is once again witnessing increased activity after a few relatively quiet weeks as Bitcoin traded above the $70,000 level for the first time in a month.

BlackRock’s IBIT product saw inflows of over $290 million on Tuesday, the highest one-day inflows so far this month and the highest since April, according to preliminary data released by Farside Investors.5. The figures were nearly three times the previous monthly high of $93 million seen on May 16.

The product page shows IBIT’s total assets reaching over $19 billion.

Bitcoin ETF Flow (million USD) – 2024-05-21

TOTAL NET FLOW: 305.7
(Temporary data)

IBIT: 290
FBTC: 25.8
BITB: -4.2
ARKB: 0
BTCO: 0
EZBC: 0
BRRR: 0
STANDBY: -5.9
BTCW: 0
GBTC: 0
DEFI: 0

For full data and disclaimers, visit: https://t.co/4ISlrCgZdk

— Farside Investors (@FarsideUK) May 22, 2024

Tuesday’s figures appear unusually large compared to activity earlier this month, when IBIT recorded low or even zero inflows before May 15. IBIT also recorded its first breakout day in April, which led to a bearish trend for Bitcoin at the time. , as reported.

However, the increased activity this week comes with hopes that an Ethereum (ETH) spot ETF will be approved for trading in the US and a positive outlook for cryptocurrencies from Donald Trump’s ongoing presidential campaign.

Meanwhile, Grayscale’s GBTC extended its four-day net outflow streak, bringing a temporary pause to one of the biggest losses since the products launched in January.

ETFs as a whole had net inflows of nearly $300 million on Tuesday. Only Bitwise’s BITB and VanEck’s HODL recorded exits of $4 million and $5 million, respectively.