Bitcoins
US-based spot Bitcoin exchange-traded funds (ETFs) have recorded a total of $2.75 billion in inflows this week amid Bitcoin surpassing its January all-time high of $109,000.
The $2.75 billion in inflows is approximately 4.5 times larger than the previous week’s $608 million, according to Farside data.
Bitcoins BlackRock Bitcoin ETF continues inflow streak
On May 23, the final day of the trading week, spot Bitcoin (BTC) ETFs recorded $211.7 million in inflows. However, BlackRock’s IBIT was the only fund to post gains on the trading day, adding $430.8 million and extending its inflow streak to eight consecutive days.
Grayscale’s GBTC led outflows with $89.2 million, followed by ARK 21Shares’ ARKB with $73.9 million.
Just two days before, on May 21, the Bitcoin ETFs saw $607.1 million in inflows, the same day Bitcoin surpassed its $109,000 all-time high. The following day, Bitcoin recorded a new all-time high of $111,970.
At the time of publication, Bitcoin is trading at $108,141, according to CoinMarketCap data.
Bitcoin’s slight price decline over the past 24 hours came alongside a decline in crypto market sentiment, according to the Crypto Fear & Greed Index.
The Index, which measures overall crypto market sentiment, reads a “Greed” score of 66, down 12 points from its “Extreme Score” of 78 the previous day.
Related: Bitcoin price ‘breather’ expected as short-term traders realize $11.6B in profit
Cointelegraph recently reported that spot Bitcoin ETFs are on their way to potentially surpassing their monthly inflow record of $6.49 billion from November 2024. So far in May, spot Bitcoin ETFs have accumulated approximately $5.39 billion, with five trading days remaining in May.
Meanwhile, several analysts recently suggested that Bitcoin is not showing any signs of overheating despite reaching new all-time highs this week, pointing to fundamentals suggesting that Bitcoin could rise further.
CryptoQuant analyst Crypto Dan said on May 22, “Overheating indicators such as the funding rate and short-term capital inflow remain low compared to previous peaks, and profit-taking by short-term investors is limited.”
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Cointelegraph by Ciaran Lyons Read More