New data from HODL15Capital indicates a substantial increase in spot market Bitcoin (BTC) exchange-traded funds (ETFs), with ten consecutive days of inflows amounting to over $1.68 billion.
This Week, Bitcoin Acquired by ETFs Reached a Significant Milestone
The net inflow hit $252 million on May 24 alone, continuing the previous week's steady increasing trend. A significant portion of this inflow came from Fidelity's FBTC ETF, which brought in $43.7083 million, and BlackRock's IBIT ETF, which brought in $182 million. The total amount of Bitcoin bought by ETFs on May 24 reached 3,654 and more than 12,000 for the course of the week.
By providing exposure to Bitcoin, these exchange-traded funds (ETFs) enable investors to profit from the asset's market potential without having to buy it outright. According to SoSo Value, the amount of Bitcoin that ETF purchases currently make up 4.36% of the entire supply, which is valued at $59.07 billion.
Ethereum ETFs are approved by the SEC amid rising investor interest
Furthermore, the recent approval of spot Ethereum ETFs by the Securities and Exchange Commission (SEC) indicates that investors are becoming more receptive to cryptocurrency investment vehicles. Since Bitcoin ETFs became popular, the market has seen an increase in speculation and a faster rate of emergence of new funds.
According to Crypto Fund Research, there was a notable upsurge in activity in the cryptocurrency investment scene, with the establishment of 25 new venture capital and hedge funds. This indicates that investors' interest in digital assets is expanding as the number of fund launches reaches its highest level since the second quarter of 2021.
In comparison, the number of newly established funds has doubled compared to those closed during the same period, reflecting a bullish market sentiment. Additionally, this figure is almost three times higher than the number of funds launched in the first quarter of 2023.
May 2024, Cryptoniteuae