Bitcoin ETFs experience growth phase
US spot Bitcoin ETFs are currently experiencing a significant growth phase with registered inflows of $107.91 million this Thursday, marking the ninth consecutive day of gains. This streak is the longest since March, when there were ten consecutive days of positive inflows.
Leading ETFs and outflows
BlackRock's iShares Bitcoin Trust (IBIT) led the recent inflows with $89 million, followed by Fidelity's Wise Origin Bitcoin Trust with $19 million and VanEck's fund with $9.5 million. In contrast, Grayscale Bitcoin Trust (GBTC) saw an outflow of $14 million, continuing a trend of losses as investors favor new ETF products with lower fees.
Outlook and potential
In addition, BlackRock is close to taking over management of GBTC, which could potentially boost its prospects given the rapid success of its IBIT fund. Since its inception four months ago, IBIT has reached nearly $20 billion in assets, putting it close to GBTC and setting an impressive pace compared to the average timeframe it takes ETFs to achieve such growth.
Positive outlook for Bitcoin
In addition to this positive outlook for Bitcoin, the United Kingdom recently approved Bitcoin ETPs to be listed in London, reinforcing the cryptocurrency's acceptance as a legitimate institutional asset class. With this continued momentum, May is shaping up to be a strong month for Bitcoin.
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