Bitcoin ETFs tracking spot bitcoin on U.S. stock exchanges continued their impressive run, reporting inflows for a seventh straight day on Wednesday. During that session, the funds witnessed an inflow of $335.8 million. Large investors are becoming increasingly confident about investing in Bitcoin through such regulated ETFs.
Source: farside
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Spot bitcoin ETFs have been able to garner close to $1.9 billion across seven straight days, a number that is much larger compared to the $1.2 billion generated in March. The largest share comes from BlackRock’s iShares Bitcoin Trust (IBIT), which alone accounted for more than $1.4 billion, roughly 73%.
IBIT currently has 809,870 BTC, which accounts for an estimated 62% of all Bitcoins held by US Spot ETFs. On the other hand, the Bitcoin trust from Morgan Stanley (MSBT), launched on April 8, has been growing, adding $95 million with zero outflows registered to date.
Overall, US-listed Bitcoin ETFs holding Bitcoin (BTC) on a spot basis are currently estimated to be in possession of about 1.3 million BTC, worth nearly $103 billion.
The price of Bitcoin has also appreciated along with the influx of funds into the crypto space. In the past 30 days, BTC has risen around 11%, breaking above the level of $79,000, which it hasn’t breached since the end of January. But, at the time of writing, over the last 24 hours, BTC has seen a slight drop of 0.40%, trading at $78,525.
Source: CoinMarketCap
Meanwhile, investments in Ethereum products are becoming popular too. Spot Ethereum ETFs listed in the United States have experienced an inflow for the past ten days, amounting to a total of $633.6 million.
With all of these activities, on a positive note, the market continues to stay conservative. According to the Crypto Fear & Greed Index, there has been an upward swing to 46, reaching its highest mark since late January, but it’s still within the fear category.
Source: alternative.me
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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