New information has been released indicating that exchange-traded funds (ETFs) for Bitcoin (BTC) in the spot market have experienced nine consecutive days of inflows, surpassing a total of $1 billion.
Data provided by Farside Investors, an investment firm based in London, shows that BTC ETFs have been receiving positive inflows every day since May 14th, amounting to over $1.75 billion. The days with the highest inflows were May 15th and May 21st, which saw $303 million and $305.7 million respectively.
Interestingly, the data also reveals that the Grayscale Bitcoin Trust (GBTC) was the only BTC ETF that experienced outflows during this nine-day period. On May 14th, it saw outflows worth $50.9 million, while on May 22nd and May 23rd, it experienced outflows of $16.1 million and $13.7 million respectively.
Additionally, Farside reports that the largest amount of incoming funds occurred on May 21st, when the iShares Bitcoin Trust (IBIT) received an astonishing $290 million in inflows.
Spot market BTC ETFs were approved by the U.S. Securities and Exchange Commission (SEC) earlier this year, following years of rejections. A judge ruled that the regulatory body needed to reconsider its stance in order to maintain consistency with previous rulings.
BTC ETFs provide individuals with exposure to the leading cryptocurrency without requiring them to directly purchase it.
In recent news, it was discovered that the largest hedge funds in the United States collectively accumulated over $2.6 billion in BTC ETFs.
“Twelve out of the top 25 hedge funds in the U.S. have a combined exposure of over $2.6 billion to Bitcoin ETFs. Additionally, eleven out of the top 25 Registered Investment Advisors (RIAs) also have exposure. All of this while Bitcoin is just a $1 trillion asset class.”
At the time of writing, Bitcoin is trading at $68,122, experiencing a slight increase within the past 24 hours.
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