BlackRock’s Bitcoin ETF notches 2-week high inflow as BTC nears $112K

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BlackRock’s iShares Bitcoin Trust (IBIT) has seen its largest inflow successful the past 2 weeks arsenic traders allocate to US spot Bitcoin exchange-traded funds (ETFs) to scoop up the rocketing cryptocurrency.

IBIT’s May 21 nett inflows deed $530.6 million, its biggest single-day nett inflow since it took successful $531.2 cardinal connected May 5, according to Farside Investors. The ETF hasn’t had an outflow since April 9.

In 1 time alone, IBIT has accumulated implicit 10 times the magnitude of Bitcoin (BTC) mined implicit the aforesaid timeframe, with it scooping up 4,931 BTC against conscionable 450 BTC produced for the day.

IBIT besides saw its largest measurement time since January, according to the ETF tracking X relationship Trader T.

“Given trading measurement today, expect these inflow numbers to increase,” said ETF Store president Nate Geraci.

The full inflow fig for each 11 spot ETFs was $607.1 million, with the Fidelity Wise Origin Bitcoin Fund (FBTC) seeing the second-most inflows for the time astatine $23.5 million.

Bloomberg ETF expert Eric Balchunas called the ETF inflows a “classic feeding frenzy” caused by Bitcoin’s caller terms rally, which has seen it widen to astir $112,000 successful aboriginal May 22 trading.

Balchunas added that the past clip ETF trading volumes soared to existent levels was successful January, astir Bitcoin’s past all-time high. “All the Bitcoin ETFs are elevated, astir are gonna spot 2x their mean flows incoming,” helium said.

The large ETF inflow and measurement time came arsenic Bitcoin notched a caller all-time precocious above $110,000 precocious connected May 2, and it has continued to rally to a apical of conscionable nether $111,897 connected Coinbase, according to TradingView.

Bitcoin ETF heap successful to continue

Jeff Mei, operations main astatine the crypto speech BTSE, told Cointelegraph successful a enactment that investors are “crowding into Bitcoin ETFs,” which saw $3.6 cardinal successful nett inflows successful May.

“We judge this inclination volition proceed arsenic agelong arsenic companies proceed to pat nationalist markets for much capital,” helium added. “This could adjacent accelerate if the Fed decides to chopped involvement rates successful the coming months.”

Jupiter Zheng, HashKey Capital partner, anticipated much volatility erstwhile Bitcoin breaks supra $110,000, telling Cointelegraph that it was “entering uncharted terms find territory, portion unstable geopolitical and macroeconomic factors pb investors to see the semipermanent worth of Bitcoin.”

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