Bitcoin ETFs have once again surpassed $300 million in inflows for the second time this month, with notable contributions from BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC).
According to market data from Farside Investors, these investment products saw $305 million in inflows on May 21, despite the Grayscale Bitcoin Trust (GBTC) reporting zero flows. Only two products experienced inflows, while two registered outflows.
Leading the inflows was BlackRock’s IBIT with $290 million, followed by Fidelity’s FBTC with an inflow of $25.8 million. On the other hand, the Bitwise Bitcoin ETF (BITB) witnessed outflows of $4.2 million, while VanEck Bitcoin Trust ETF (HODL) saw $5.9 million in capital exit.
IBIT surpassed FBTC in inflows for the second time this week, showing more substantial inflows for two consecutive days. This comes after FBTC had led the market on several occasions last week. Since its launch in January, the ETF market has seen $13.17 billion in positive net flows.
The recent surge in Bitcoin value, reaching over $71,000 on Tuesday, has sparked discussions within the cryptocurrency community. Analysts are debating whether this rally signifies the beginning of a bull market or if the market is reaching its peak.
Analyst Eric Balchunas had predicted long-term returns following the outflows in April. He noted that Bitcoin ETFs have already seen $1.3 billion in inflows in May, offsetting April’s negative inflows, bringing the total inflows since launch to $12.3 billion.
In other news, Ethereum ETF applicants have submitted 19b-4 forms.