US Spot Bitcoin ETF continue their hot streak, recording $107.91 million in entries on Thursday for their 9th consecutive day of earnings. This is the longest influx since mid-March, when products experienced 10 consecutive positive days.
Appetite for Spot Bitcoin ETFs Reflects Their Massive Success Since Launch earlier this year. The SEC approved the first spot Bitcoin ETFs in January, and heavyweight products like BlackRock, Fidelity and others quickly amassed billions in assets.
BlackRock iShares Bitcoin Trust (IBIT) led influx Thursday with $89 million. Next is Fidelity’s Wise Origin Bitcoin Trust (FBTC), with $19 million, followed by $9.5 million in VanEck’s fund.
Meanwhile, the Grayscale Bitcoin Trust (GBTC) saw a $14 million outflow, extending its losing streak as investors turn to other spot ETFs with fewer fees.
BlackRock is set to take over management of GBTC, with its IBIT quickly becoming the leader among spot Bitcoin ETFs. It is located almost 20 billion dollars after only 4 months, while on average it takes years for an ETF to reach this stage. IBIT is down to $300 million behind GBTC in entries to become the largest Spot Bitcoin ETF.
This week, the United Kingdom also Approved Bitcoin ETPs be listed in London, thus validating Bitcoin as an institutional asset class. If current momentum continues, Bitcoin could be on track to end May on a high note.
