BlackRock’s iShares Bitcoin Trust (IBIT) took the lead in attracting a massive influx of capital, signaling a positive trend for BTC. On Tuesday, May 21, there was a significant inflow of $305.7 million in Spot Bitcoin ETF flows, with IBIT at the forefront. In terms of inflows during the latest trading session, the IBIT ETF outperformed its competitors.
According to Farside UK statistics, IBIT registered inflows of $290 million, demonstrating a clear institutional interest in Bitcoin ETFs. Fidelity’s FBTC also made a substantial contribution with $25.8 million. This surge surpassed the $237.2 million inflows on Monday. However, there were no reported flows for Grayscale’s GBTC on Tuesday, ending its inflow streak.
Meanwhile, IBIT managed to counterbalance withdrawals from two major ETF providers. Bitwise Bitcoin ETF (BITB) saw a withdrawal of $4.2 million, while VanEck’s HODL experienced negative flows of $5.9 million.
Despite the significant net inflows, the volatility in Bitcoin’s price trend was evident. After a sharp increase on Monday, the price dropped from $71,500 to $69,000, but it is currently hovering around the $70,000 level. This volatility highlights the unpredictable nature of the crypto market, despite the continuous investment from institutional players.
Experts believe that Bitcoin needs a few more days of positive inflows to break out of its current price range and potentially reach higher levels. However, the persistent interest and investment from major ETF players like BlackRock and Fidelity are considered positive signs for Bitcoin’s future development.
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