Bitcoin Spot ETFs See $1.81 Billion Inflows, Bitcoin Price Surges 15.2%
2min read Bitcoin Spot ETFs have witnessed a substantial increase in net inflows, amounting to $1.81 billion, as the cryptocurrency market shows signs of recovery. This surge represents the third-largest weekly inflow for the year, highlighting the escalating institutional interest in Bitcoin and related markets. The robust performance of these ETFs mirrors the optimistic sentiment currently propelling the crypto market, with Bitcoin prices surging from $84,000 to $97,000 over the past two weeks. This price movement underscores a strong market demand, hinting at the possibility of a sustained upward trend.
US Bitcoin Spot ETFs have demonstrated remarkable endurance, attracting nearly $2 billion in deposits over the past week. This follows a strong third week of April, where these ETFs recorded $3.06 billion in net inflows. The sustained interest from investors underscores the growing confidence in Bitcoin as a viable investment option. BlackRock’s IBIT led the way with over $2.48 billion in net inflows, showcasing its market dominance by accounting for all deposits on Friday, May 2nd, valued at $674.91 million. Other ETFs, such as Grayscale’s BTC, VanEck’s HODL, and Invesco’s BTCO, also saw net inflows ranging from $10 million to $41 million. However, Fidelity’s BTCO experienced the largest weekly net outflow at $201.90 million, indicating a bearish week for the second-largest Bitcoin ETF. Grayscale’s GBTC and Bitwise’s BITB also registered net withdrawals valued between $30 million and $60 million. Meanwhile, Franklin Templeton’s EZBC, Wisdom Tree’s BTCW, Hashdex’s DEFI, and Valkyrie’s BRRR reported zero market flows.
The cumulative total net inflow for US Bitcoin Spot ETFs now stands at $40.24 billion, with total net assets valued at $113.15 billion. This represents 5.87% of Bitcoin’s market cap, emphasizing the significant role these ETFs play in the broader cryptocurrency ecosystem. The resurgence of Bitcoin Spot ETFs is not confined to Bitcoin alone. Ethereum Spot ETFs have also experienced a notable rebound, recording over $250 million in net inflows over the past two weeks. Specifically, these ETFs registered $106.75 million in inflows in the last trading week, with BlackRock’s ETHA accounting for the majority share. Currently, these ETFs hold a cumulative total net inflow of $2.51 billion and total net assets of $6.40 billion, representing 2.87% of the Ethereum market cap. Ethereum continues to trade at $1,845 following a 0.49% decline in the past 24 hours, while Bitcoin remains valued at $95,514.
The strong performance of Bitcoin Spot ETFs and the resurgence of Ethereum Spot ETFs indicate a growing institutional interest in cryptocurrencies. The significant net inflows into these ETFs suggest that investors are increasingly viewing digital assets as a viable and attractive investment option. The continued bullish sentiment in the crypto market, coupled with the rising prices of Bitcoin and Ethereum, further supports the potential for a sustained uptrend. As the market continues to evolve, the role of ETFs in facilitating institutional investment in cryptocurrencies is likely to become even more pronounced.
