🔥🔥🔥 #BlackRock Ready to Overtake #grayscale Amid Eight Days of #BitcoinETF Inflows
Institutional Investors Intensify Focus on Bitcoin ETFs Amid Ethereum ETF Anticipation
As the crypto community eagerly awaits the approval of spot Ethereum ETFs, institutional investors are increasingly focusing on Bitcoin ETFs. U.S. spot Bitcoin ETFs have seen outflows for eight consecutive days as of Wednesday, May 22.
BlackRock Poised to Surpass Grayscale
- On May 22, the net inflow for Bitcoin spot ETFs reached $154 million, marking an eight-day streak of net inflows, according to data from Farside Investors. However, Grayscale's GBTC experienced an outflow of $16.0914 million, while BlackRock's IBIT saw a significant single-day inflow of $91.9527 million. Additionally, Fidelity's FBTC recorded an inflow of $74.572 million on the same day.
- This trend positions BlackRock to potentially overtake Grayscale as the largest Bitcoin ETF by assets under management. Bitcoin ETFs have collectively accumulated over 850,000 Bitcoins, with global ETFs approaching the 1 million BTC mark.
Growing Global Demand for Bitcoin ETFs
- On Wednesday, May 22, WisdomTree, a prominent global asset manager, achieved a significant milestone in cryptocurrency investment. The company received authorization from the U.K. Financial Conduct Authority (FCA) to introduce Exchange-Traded Products (ETPs) for Bitcoin and Ethereum on the London Stock Exchange (LSE).
- Bloomberg strategist Eric Balchunas highlighted that only physically backed Bitcoin ETFs are permitted, with two from WisdomTree set to begin trading. Despite a retail ban remaining in effect, this move underscores the regulatory complexities surrounding these investment products.
Market Outlook
- According to Glassnode analytics, the Bitcoin market has been cooling off after months of significant distribution pressure. Despite modest capital inflows, the decrease in selling activity & reduced volatility suggest a potential for a significant market shift in the near future.
Source - coingape.com