US Bitcoin spot ETFs attract $2 billion in net inflows over two weeks

Investors
have
poured
around
$2
billion
into
US
spot
Bitcoin
exchange-traded
funds
(ETFs)
over
the
past
two
weeks,
according
to
data
from
Farside.
These
funds
also
recorded
a
tenth
consecutive
day
of
net
inflows.

This
week
alone,
US
spot
Bitcoin
ETFs
saw
over
$1
billion
in
inflows,
with
Thursday
recording
the
largest
daily
inflow
of
around
$305
million.

BlackRock’s
Bitcoin
ETF,
iShares
Bitcoin
Trust
(IBIT),
led
the
pack
with
nearly
$720
million
in
weekly
inflows.
Fidelity’s
Wise
Origin
Bitcoin
Fund
(FBTC)
took
the
second
spot
with
around
$227
million.

The
order
was
different
last
week
when
FBTC
surpassed
IBIT
in
terms
of
weekly
inflows.
Data
shows
that
FBTC
recorded
around
$344
million
in
inflows
from
May
13
to
17
while
IBIT
saw
approximately
$132
million.

With
over
284,525
BTC
in
its
holdings,

IBIT
is
just
$300
million
away
from
surpassing

Grayscale
Bitcoin
Trust,
which
currently
holds
289
BTC,
valued
at
$19.9
billion.
This
calculation
is
based
on
Bitcoin
(BTC)
being
worth
$69,100
as
of
the
writing,
according
to

CoinGecko.
IBIT
is
well

on
track
to
become
the
largest
Bitcoin
ETF.

Meanwhile,
Bitcoin’s
price
moved
in
the
same
direction
with
strong
ETF
inflows
in
the
last
two
weeks.

On
May
24,
this
week’s
final
trading
day,
the
price
soared
to
$69,000,
up
around
13%
over
the
past
two
weeks.
Bitcoin
is
now
only
6%
away
from
its
record
high
of
$73,700,
established
in
March.

Bitcoin
had
stagnated
after
the
fourth
halving,
which
analyst
Rekt
Capital
pointed
out
as
the
post-halving
“danger
zone”
characterized
by
heightened
volatility.
He
noted
last
week,
however,
that
the
selling
pressure
was
weakening;

Bitcoin
was
entering
a
phase
of
accumulation.

In
addition
to
Bitcoin
ETFs,
the
week’s
spotlight
was
on
the
SEC’s

approval
of
spot
Ethereum
ETF
filings.
These
ETFs
still
need
S-1
form
approval
to
begin
trading,
which
ETF
experts
believe
will
take
weeks
to
months.
However,
in
essence,
the
approval
of
spot
Ethereum
ETFs
indicates
that
the

launch
of
these
funds
is
imminent.

Positive
developments
prior
to
the
approval
had
factored
into
the
surge
in
Ethereum’s
price
(ETH).
On
Monday,

ETH
jumped
8%
on
news
that
approval
odds
were
raised
to
75%.
Rally
extended
during
the
day
with
a
broader
market
upswing.
At
press
time,
ETH
is
trading
at
around
$3,700,
up
over
20%
over
the
past
seven
days.