Bittime - Bitcoin has been making a comeback lately. The cause? A new investment product called Bitcoin ETF (Exchange Traded Fund) is being loved by investors. Over the past week, recorded Bitcoin inflows to ETFs reached more than 15,000 BTC.
This amount far exceeds the Bitcoin mined in a month, which is around 13,500 BTC! This ETF product allows investors to invest in Bitcoin easily and safely, without the hassle of storing it themselves.
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Bitcoin ETFs Are Happy, Investors Are Buying Up!
This positive trend started at the beginning of the week. On Monday, May 20, Bitcoin ETFs in the United States recorded inflows worth more than $241 million (around IDR 3.85 billion).
Several well-known ETFs also recorded impressive performance. Grayscale's Grayscale Bitcoin Trust (GBTC), for example, even though its CEO, Michael Sonnenshein just left, was still able to attract investment of $9.35 million (around Rp. 150 billion). This marks the fifth consecutive day GBTC experienced inflow.
Also read: Potential Impact of Bitcoin ETF Approval
Other ETFs, ARKB (Ark Invest and 21Shares) and BlackRock's iShares Bitcoin Trust (IBIT), were flooded with investor funds of $68.28 million (around IDR 1.1 billion) and $66.35 million (around IDR 1.06 billion) respectively. .
The positive trend continued on Tuesday. Total inflows into Bitcoin ETFs jumped to $305.7 million (around IDR 4.89 billion). BlackRock's IBIT was the star of the field with a fantastic inflow of $290 million (around IDR 4.64 billion), according to Farside UK data.
Fidelity's Fidelity Bitcoin Trust (FBTC) did not want to be left behind, with an inflow of $25.8 million (around Rp. 413 billion).
Unfortunately, Grayscale's GBTC did not record inflows today. In fact, VanEck's Bitwise Bitcoin ETF (BITB) and HODL actually experienced outflows of $4.2 million (around Rp. 67 billion) and $5.9 million (around Rp. 94 billion), respectively.
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Wave of Inflow Continues, BlackRock Rises
Bitcoin ETFs seem unstoppable. The positive trend continued until Wednesday with net inflow of $154 million (around IDR 2.46 billion), setting a record for the eighth day in a row.
BlackRock's IBIT was again the favorite, earning an investment of $91.95 million (around IDR 1.47 billion). Fidelity's FBTC was not to be outdone, with an inflow of $74.57 million (around IDR 1.19 billion). However, GBTC again faced an outflow of $16.09 million (around IDR 257 billion).
Also read: What are the 11 Bitcoin ETFs that are approved by the SEC
Investor enthusiasm for Bitcoin ETFs continues to be maintained. As proof, on Thursday, a net inflow of $107 million (around IDR 1.71 billion) was recorded, marking nine consecutive days of positive inflow.
BlackRock's IBIT again led with an inflow of $89 million (around IDR 1.42 billion). Fidelity's FBTC recorded an inflow of $19.12 million (around IDR 306 billion), while VanEck's HODL was $9 million (around Rp. 144 billion).
The other two ETFs, ARKB (Ark Invest and 21Shares) and BTCO (Invesco Galaxy), each recorded inflows of $2 million (around IDR 32 billion). GBTC? Again, there was an outflow of $13.72 million (around IDR 219 billion).
Ten Days in a Row! Bitcoin ETF Inflow Reaches Peak
This week ended on a sweet note. Total net inflow on Friday, May 24 reached $252 million (around IDR 4.03 billion), marking ten consecutive days of positive inflow. BlackRock's IBIT is again king with a fantastic inflow of $182 million (around IDR 2.91 billion). Fidelity's FBTC was not to be outdone, with an inflow of $43.7 million (around IDR 700 billion).
Meanwhile, Grayscale's GBTC experienced a neutral day, with no inflow or outflow.
Michael Saylor: Bitcoin's Future is Bright!
The excitement of this Bitcoin ETF did not escape the attention of Michael Saylor, CEO of MicroStrategy. He praised the brilliant performance of Bitcoin ETFs and the global Bitcoin ETF market as a whole. In a post on Twitter, Saylor wrote, "Bitcoin held in 28 Spot ETFs is approaching 1 Nakamoto." This suggests that in the near future, 1 million BTC will be locked in this investment product.
According to the latest data, Bitcoin ETFs in the US hold huge reserves of 855,702 BTC. Meanwhile, the global ETF holds 991,336 BTC. This suggests that within the next week, the number could surge past 1 million BTC.
Furthermore, Saylor believes this positive trend will have a bullish impact on Bitcoin prices. He pointed to the fact that this ETF bought 15,421 BTC in a week, much higher than the 13,500 BTC mined in a month.
This can lead to a supply shortage, accompanied by shrinking Bitcoin reserves on exchanges due to large accumulation by “whales”.
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Conclusion
Investors' enthusiasm for Bitcoin ETFs shows their optimism about Bitcoin's future. Consistent inflows and impressive ETF performance are positive signs for this cryptocurrency.
Please remember that investing always contains risk. Do in-depth research before deciding to invest in Bitcoin or other crypto assets.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Less likely than a Bitcoin ETF to be approved for an Ether ETF?
Bitcoin Spot ETFs Record Record Inflows
Bitbot Prepared For Bitcoin ETF Development: Is It For Profit?
Asia's First Bitcoin ETF Officially Launched in Hong Kong
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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