As GBTC sees more money leaving, BlackRock’s Bitcoin ETF IBIT is seeing a significant increase in new investments. Meanwhile, Bitcoin’s price has held steady around $69,000.
The crypto community is eagerly waiting for the SEC’s decision on spot Ethereum ETFs, while institutional investors are getting more active in Bitcoin ETFs. U.S. spot Bitcoin ETFs have been experiencing outflows for eight days straight as of Wednesday, May 22.
Bitcoin ETFs and Asset Management Dynamics
On May 22, Bitcoin spot ETFs continued their streak of net inflows, totaling $154 million over eight consecutive days, according to data from Farside Investors.
However, Grayscale’s Bitcoin ETF GBTC experienced an outflow of $16.0914 million on the same day, while BlackRock’s Bitcoin ETF IBIT saw a significant single-day inflow of $91.9527 million. Additionally, Fidelity’s Bitcoin ETF FBTC recorded an inflow of $74.572 million.
These movements highlight a potential shift as BlackRock edges closer to surpassing GBTC as the largest Bitcoin ETF by assets under management. Meanwhile, Bitcoin ETFs collectively have achieved another milestone by accumulating over 850,000 Bitcoins to date. Globally, ETFs are nearing a cumulative holding of 1 million BTCs.
🇺🇸 Bitcoin ETFs hit a record high of 850,000 BTC held today ✅
Global ETFs are closing in on 1 million Bitcoin held 🧮
— HODL15Capital 🇺🇸 (@HODL15Capital) May 23, 2024
WisdomTree Launches Bitcoin and Ethereum ETPs on London Stock Exchange
On Wednesday, May 22, WisdomTree, a prominent global asset manager, achieved a significant milestone in the cryptocurrency investment space. The company announced it had received authorization from the U.K. Financial Conduct Authority (FCA) to introduce Exchange-Traded Products (ETPs) for Bitcoin and Ethereum on the London Stock Exchange (LSE).
According to Bloomberg strategist Eric Balchunas, only physically backed Bitcoin ETFs are currently allowed, with WisdomTree set to launch two such products initially. However, a retail ban remains in place, highlighting the regulatory complexities surrounding these investment vehicles.
Meanwhile, Glassnode analytics reported a cooling-off period in the Bitcoin market, following months of notable distribution pressure. Despite moderate capital inflows, reduced selling activity and lower volatility suggest the potential for significant market changes in the near future.
#Bitcoin markets have experienced a cool down after several months of intense distribution pressure.
Whilst capital inflows remain modest, the lightening of sell-side, and compression of volatility suggest a bigger move could be on the horizon.
Discover more in the latest Week… pic.twitter.com/VudlMGElPr
— glassnode (@glassnode) May 21, 2024
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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