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Bitcoin ETFs See $303M Inflows as BTC Soars North of $65K

Bitcoin ETFs See $303M Inflows as BTC Soars North of $65K

DailycoinDailycoin2024/05/16 17:58
By:Dailycoin
  • Spot Bitcoin ETFs witnessed a smooth trading day on Wednesday.
  • The funds recorded their second-largest inflows of the month.
  • The inflows mirrored the sudden BTC rally to a key support level.

U.S.-listed spot Bitcoin exchange-traded funds (ETFs) saw millions in inflows on Wednesday, with Grayscale’s GBTC fund posting its third-ever net inflows since its debut in January.

The market performance comes as the industry’s largest crypto asset by market cap, Bitcoin , has surged over 6% in the last 24 hours to reclaim a key support level, signaling BTC’s bullish patterns and its proximity to a re-accumulation zone.

Bitcoin ETFs Record Largest Inflows Since May 3

According to provisional data shared by Farside Investors, the Nasdaq-listed Bitcoin ETFs recorded a total net inflow of $303 million on May 15, their largest inflow since May 3, when the fund attracted $378.3 million.

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Fidelity’s FBTC led the day’s inflows, attracting $131.3 million, followed by Bitwise’s BITB at $86.3 million inflows and Ark Invest’s ARKB at $38.6 million inflows.

Notably, Grayscale’s converted fund (GBTC), the largest spot Bitcoin ETF in net asset value, recorded its third-ever net inflow, raking in 27 million, as both IBIT and DEFI saw $0 daily flows on Wednesday.

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VanEck’s HODL, Invesco’s BTCO, Valkyrie’s BRRR, WisdomTree’s BTCW, and Franklin Templeton’s EZBC posted single-digit inflows of $7.5 million, $4.6 million, $3.7 million, $2.1 million, and $1.9 million respectively.

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The turnaround in inflows for the Bitcoin ETFs mirrored the sudden price change in BTC, jumping from a daily low of $62K to tease north of $65K on May 15. As of press time, BTC was exchanging hands at $66,284, CoinMarketCap data shows.  

Stay updated on Hong Kong’s first crypto ETF liquidity fund:
Hong Kong Sees First Crypto ETF Liquidity Fund Worth $128M

Read why the future of Ethereum ETFs in the U.S. is uncertain:
Ethereum ETFs in Doubt: BlackRock Filing Details SEC’s Play

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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