Bitcoin ETF flows rise to two-week high as BTC surges past $66,000

Bitcoin spot ETF inflows in the United States soared to $303 million on May 15 amid a big jump in BTC prices.

This was the highest entry since May 3 as institutional inventors turned bullish again following US consumer price index (CPI) data on May 15, which met expectations

Fidelity led the pack with its FBTC fund posting $131 million in inflows for the day, its highest inflow since March 26. Bitwise’s BITB fund also had a solid day with an inflow of $86 million, a figure not surpassed since March 4.

BlackRock’s IBIT fund saw its third consecutive trading day of zero flows, but experts have previously explained that this is perfectly normal for a fund of this nature.

One-time increase in ETFs

Even Grayscale’s GBTC saw an inflow with $27 million returning to its flagship BTC fund after four months of outflows.

Bitcoin ETF Flow (USD Million) – 2024-05-15

TOTAL NET HORSEPOWER: 303
(provisional data)

IBIT: 0
FBTC: 131.3
BITB: 86.3
ARKB: 38.6
BTC: 4.6
EZBC: 1.9
BRRR: 3.7
HODL: 7.5
BTCW: 2.1
GBTC: 27
DEFINITION: 0

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

— Farside Investors (@FarsideUK) May 16, 2024

Additionally, the latest filings with the US Securities and Exchange Commission show that one of the world’s largest hedge funds, Millennium Management, has a $2 billion Bitcoin ETF portfolio.

This was commented on by prominent ETF analysts, with James Seyffart quipping, “Only retail traders buy Bitcoin ETFs.”

The portfolio consists of $844.2 million in BlackRock’s IBIT, $806.7 million in Fidelity’s FBTC, $202 million in Grayscale’s GBTC, $45.0 million in Ark’s ARKB, and 44, $7 million in BITB from Bitwise.

Millennium is now the largest holder of IBIT and FBTC. The hedge fund led by billionaire Izzy Englander has more than $64 billion in assets under management.

“It is only the retail traders who buy the #bitcoin ETF” https://t.co/9KpVP0Z6pT

— James Seyffart (@JSeyff) May 15, 2024

May 15 was the deadline for institutional investment firms to file their quarterly 13F report with the SEC about their positions held at the end of the first quarter.

Another major hedge fund, Paul Singer’s Elliott Capital, disclosed a nearly $12 million stake in IBIT, and Apollo Management Holdings disclosed a $53 million stake in ARK 21Shares’ ARKB.

BTC leveraged $66,000

The ETF’s big entry day came amid big gains for the price of bitcoin. The asset is up 7% over the past 24 hours, reaching $66,567 in early trading in Asia on Thursday morning.

At the time of writing, BTC was changing hands at $65,900, following a 15% gain over the past fortnight, which took it to just 10% of its all-time high.

Crypto markets reacted to April CPI data in the US, which came in lower than expected by 0.3%.

The report is a key indicator of inflationary trends and has increased the likelihood that the Federal Reserve will cut rates and inject more liquidity into markets, which is good news for high-risk assets like crypto.

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