Amid Bitcoin’s (BTC) to and fro price actions over the past couple of weeks, the coin Exchange Traded Fund (ETF) market has remained unperturbed, as it has consistently recorded net inflows over outflows.
According to the Bitcoin’s flow activity, as tracked and reported on X by the renowned blockchain analytical platform, “Spot On Chain,” BTC’s ETF net inflow as of May 24, 2024, registered a significant net inflow of at about $252 million, with iShares Bitcoin Trust (IBIT) by BlackRock contributing the most at approximately $182 million.
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In addition, the statistics noted that the net inflow across Bitcoin’s ETFs has been positive for ten consecutive trading days despite repeated outflows from the ETF with the most significant Assets Under Management (AUM), Grayscale Bitcoin Trust (GBTC).
🚨 $BTC #ETF Net Inflow May 24, 2024: +$252M!
• The net inflow has been positive for 10 consecutive trading days 🔥
• #BlackRock (IBIT) recorded another strong inflow of $182M.
• #Grayscale (GBTC) had zero flow again after 2 days of small outflows.
Follow @spotonchain and… pic.twitter.com/hRCYzG6i1r
— Spot On Chain (@spotonchain) May 25, 2024
BlackRock’s ETF Leading The BTC’s ETF 7-Day Statistics
In a different Bitcoin ETFs market actions statistics shared on X by Lookonchain, another digital assets price analytical outlet, the BlackRock ETF topped eight other ETFs in net inflow data across 1-day and 7-day readings.
Per the tweet, nine ETFs recorded a BTC net inflow of approximately 1,228 tokens on May 24, 2024. While the BlackRock ETF registered a 1,321 BTC addition, the net outflow from the Invesco Galaxy Bitcoin ETF (BTCO) with 164 BTC and Grayscale Bitcoin Trust with 243 tokens saw the value drop to the earlier stated 1,228 coins.
On the 7-day statistics, no net outflows were recorded, as all 9 ETFs registered only inflows. However, only three recorded flows above 1,000 BTC in the positive direction. iShares Bitcoin Trust contributed 8,336 BTC, followed by Fidelity Wise Origin Bitcoin Fund with 4,132 coins, and ARK 21Shares Bitcoin ETF with 1,214 tokens. Notedly, the total Bitcoin ETF within the 7-day interval summed up to 14,917 BTC.
Currently, Grayscale Bitcoin Trust is still the ETF with the most significant AUM with 289,257 BTC; the BlackRock ETF’s impressive week saw its AUM surge to 284,526 BTC, implying that if it sustains present momentum, it could be on track to soon displace the GBTC as the ETF with the largest AUM.
May 24 Update:
9 ETFs added 1,228 $BTC(+$83.4M).#Blackrock added 1,321 $BTC(+$89.7M) and currently holds 284,526 $BTC($19.32B).#Grayscale decreased 243 $BTC(-$16.5M) and currently holds 289,257 $BTC($19.64B).https://t.co/UkXfbomoCM pic.twitter.com/aZuevdvb4z
— Lookonchain (@lookonchain) May 24, 2024
Positive Net Inflow Data Spewing Bitcoin’s Bullish Sentiments?
In the crypto space, the general belief about an increasing net inflow in ETFs has always hinged on the possibility of a bull run for the coin involved. The usual sentiment has been that an increased net positive ETF inflow would induce scarcity and the Fear Of Missing Out (FOMO) syndrome, eventually spiking demand and causing massive price appreciation.
I spent some time analyzing the post-ETF Bitcoin charts today and came up with some rough price predictions for the next 3 months. Currently the ETF inflows lead to a 2% increase in price per day, which is about $1000 per day. Most of the increase is taking place during the…
— Marc van der Chijs (@marcvanderchijs) February 15, 2024
While the above belief has held in several scenarios, highlighted in the tweet above, it has not corroborated all cases. For example, Bitcoin’s remarkable price surge around March 20, 2024, coincided with the same period when the coin recorded a $260 million outflow within a day.
Hence, while ETF net inflow-to-outflow statistics could hint at BTC’s potential price direction, they should not be used as absolute indices, as they could sometimes misguide inexperienced traders.
Bitcoin’s Market Statistics Show Signs Of Recovery.
At press time, Bitcoin’s statistics on Coincodex revealed the digital asset’s price to be about $69125, having recorded a 2.58% upswing in the past 24 hours. The coin’s 24-hour range price statistics reflected minimum and maximum prices of about $ 66,978 and $ 69,185, respectively, implying a significant jump in just 24 hours.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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