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Bitcoin ETFs have seen positive inflows for six days, with a record inflow of $310M on Friday.
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Despite the bearish crypto market this week, U.S. exchange-traded funds (ETFs) saw an inflow of $1.005B.
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Strong performance driven by ETFs from BlackRock (IBIT), and Fidelity(FBTC).
The Bitcoin spot exchange traded fund (ETF), which is a market for Bitcoin, is experiencing a growth spurt. This has culminated in the largest net flow in five weeks, after a remarkable six consecutive trading days of positive inflows.
According to market data the U.S. Bitcoin exchange-traded funds (ETFs) pulled in a total net inflow of $310 million on a Friday, which is the highest figure for 25 trading days. Notably, on June 5, the ETF saw a net inflow of $488.1 million.
The net flow for U.S. Bitcoin-related ETFs was modest on Thursday at $79 million. The previous day, the figure was $147 millions, compared to the $310,000,000 recorded on Friday. Yesterday’s significant inflow was driven a rare event: no issuer reported negative flows for the day.
Grayscale’s ETF – which has historically been plagued by outflows – bucked the trend with a $23 million positive inflow. BlackRock’s IBIT was the leader with a $120 million influx. Fidelity FBTC was close behind, with a $115.1-million inflow.
In contrast, several ETFs including the Valkyrie Bitcoin Fund, Invesco Galaxy Bitcoin Fund, and WisdomTree Bitcoin Fund, did not receive any new investments, registering zero inflows on Friday.
Overall, the U.S. Bitcoin ETF Market has had a remarkable week with a cumulative flow of $1.05 billion, and not a day of negative flow. This streak has contributed towards the cumulative net inflows of $15.81 billion in the 126 trading days for the 10 U.S. Bitcoin ETFS.
The Bitcoin ETF market has thrived despite the bearish sentiment which has dominated the crypto markets for several weeks. The broader crypto market, however, has remained relatively steady this week with Bitcoin’s value hovering around $57,000.
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