Bitcoin exchange-traded funds (ETFs) witnessed a significant net inflow of $222 million on May 17, 2024. This marks a positive trend for the entire trading week as Bitcoin’s price saw a substantial rebound of 10.3% over the past seven days.
Grayscale Bitcoin Trust (GBTC) has consistently attracted single-day inflows for three consecutive trading days. However, Fidelity’s Bitcoin ETF (FBTC) led the pack with the highest single-day inflow of $99.4 million. Following closely was BlackRock’s Bitcoin ETF (IBIT), with an inflow of $38.1 million.
Market Sentiment and Analyst Insights
Bloomberg analyst Eric Balchunas provided insights into the market sentiment surrounding Bitcoin ETFs. He noted the recurring pattern of last-minute pessimistic predictions before significant approvals, similar to the scenario preceding the spot Bitcoin ETF approval. Balchunas highlighted that these predictions often serve as risk-free public relations moves, allowing commentators to gain notoriety without consequence if proven wrong.
The consistent net inflows and substantial single-day inflows indicate strong investor confidence in Bitcoin ETFs. The positive price movement of Bitcoin reinforces this sentiment, suggesting a robust market outlook for the cryptocurrency and its associated investment vehicles.
