- BlackRock’s iShares Bitcoin Trust (IBIT) spearheaded this massive influx of capital.
- Experts believe that BTC needs a few more days of positive inflows before it can break out.
A substantial positive inflow of $305.7 million was seen in Spot Bitcoin ETF flows on Tuesday, May 21. It was BlackRock’s iShares Bitcoin Trust (IBIT) that spearheaded this massive influx of capital. When it came to the most recent trading session’s inflow, the IBIT ETF stood head and shoulders above the competition.
Inflows of $290 million were registered by BlackRock’s IBIT, according to statistics from Farside UK. There is clear institutional interest in Bitcoin ETFs, because Fidelity’s FBTC also contributed substantially with $25.8 million. The $237.2 million inflows on Monday were surpassed by this spike. On the other hand, Tuesday saw no flows reported for Grayscale’s GBTC, ending the inflow run.
Alternatively, BlackRock’s IBIT was able to counteract withdrawals from two major ETF providers. There was a $4.2 million withdrawal from the Bitwise Bitcoin ETF (BITB). In addition, the $5.9 million negative flows in VanEck’s HODL match the move.
Bullish Rally Around the Corner
Volatility in the Bitcoin price trend was evident despite the large net inflows. After a sharp increase on Monday, the price of Bitcoin dropped from $71,500 to $69,000. But now it’s hovering around the $70,000 level. This volatility highlights how the crypto market is still quite unpredictable, even if institutional investors are still pouring money into it.
In addition, experts believe that Bitcoin needs a few more days of positive inflows before it can break out of its current price range and maybe go higher. However, big ETF players like Blackrock and Fidelity have shown persistent interest and investment, which is considered as a good sign for Bitcoin’s future development.
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