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BlackRock’s IBIT product experienced a significant inflow of over $290 million on Tuesday, marking its highest one-day inflow this month and since April.
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Overall, ETFs saw nearly $300 million in net inflows on Tuesday, with Grayscale’s GBTC showing a five-day streak of inflows.
A popular bitcoin {{BTC}} spot exchange-traded fund (ETF) in the U.S. is seeing ramped up activity once again after a relatively dim few weeks as bitcoin trades over $70,000 level for the first time in a month.
BlackRock’s IBIT product saw over $290 million in inflows on Tuesday, preliminary data published by Farside Investors shows, recording its highest one-day inflow so far this month and the highest since April.5. The figures were nearly thrice of a previous monthly high of $93 million on May 16.
IBIT’s total holdings have now swelled to over $19 billion, its product page shows.
Bitcoin ETF Flow (US$ million) – 2024-05-21
TOTAL NET FLOW: 305.7
(Provisional data)IBIT: 290
FBTC: 25.8
BITB: -4.2
ARKB: 0
BTCO: 0
EZBC: 0
BRRR: 0
HODL: -5.9
BTCW: 0
GBTC: 0
DEFI: 0For all the data & disclaimers visit:https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) May 22, 2024
Tuesday’s figures now stand out as unusually large compared to activity early this month, where IBIT recorded low or even zero inflows before May 15. IBIT also recorded its first-ever day of outflows in April, leading to some bearish sentiment for bitcoin at the time, as reported.
However, higher activity this week comes alongside hopes of an ether (ETH) spot ETF getting approved for trading in the U.S., and a positive outlook for cryptocurrencies from Donald Trump ongoing presidential campaign.
Meanwhile, Grayscale’s GBTC extended a four-day streak of no net outflows, putting a temporary pause to what has been one of the biggest losers since the products were launched in January.
As a whole, ETFs took on nearly $300 million in net inflows on Tuesday. Only Bitwise’s BITB and VanEck’s HODL recorded outflows at $4 million and $5 million, respectively.