United States Bitcoin ETFs have witnessed an influx of over $2 billion in the past two weeks, marking a historic milestone for the cryptocurrency market.
A record-breaking $1 billion was received in inflows just last week, with $305 million on May 21 alone accounting for the greatest daily haul.
An exchange-traded fund (ETF) that tracks the price of bitcoin is called a Bitcoin ETF. Like equities, exchange-traded funds (ETFs) are traded on conventional exchanges like the New York Stock Exchange. Investors can get exposure to Bitcoin through Bitcoin ETFs without actually having to hold the cryptocurrency.
According to the data from Farside from May 8 to May 24, BlackRock’s iShares Bitcoin Trust ($IBIT) drew an astounding $16,353 million, with Fidelity’s Bitcoin ETF ($FBTC) coming in second with $8,713 million.
The greatest withdrawal from the Grayscale Bitcoin Trust (GBTC), which occurred on May 9, was $103 million, and the highest inflow from BlackRock’s iShares Bitcoin Trust ($IBIT), which occurred on May 21.
The short-term volatility of Bitcoin ETF prices could deviate from the long-term, fundamentally driven investor confidence. Trends in Bitcoin ETFs will be observed by analysts to evaluate the direction of the market and potential investments.
Also Read: Bitcoin ETFs Record Ninth Consecutive Day of Net Inflows
