BlackRock’s iShares Bitcoin Trust (IBIT) led the way in attracting a significant influx of capital, signaling positive momentum for BTC. On Tuesday, May 21, there was a substantial inflow of $305.7 million in Spot Bitcoin ETF flows, with BlackRock’s IBIT taking the lead. In fact, the IBIT ETF outperformed its competitors in terms of inflows during the most recent trading session.
According to Farside UK statistics, BlackRock’s IBIT recorded inflows of $290 million. This demonstrates clear institutional interest in Bitcoin ETFs, as Fidelity’s FBTC also made a substantial contribution of $25.8 million. This surge surpassed the $237.2 million inflows seen on Monday. However, Grayscale’s GBTC did not report any flows on Tuesday, bringing an end to its inflow streak.
Alternatively, BlackRock’s IBIT managed to counteract withdrawals from two major ETF providers. The Bitwise Bitcoin ETF (BITB) experienced a withdrawal of $4.2 million, while VanEck’s HODL saw negative flows of $5.9 million.
Despite the significant net inflows, the Bitcoin price trend exhibited volatility. After a sharp increase on Monday, the price dropped from $71,500 to $69,000, but it is now hovering around the $70,000 level. This volatility highlights the unpredictable nature of the crypto market, even with institutional investors continuing to invest.
Experts believe that Bitcoin needs a few more days of positive inflows before it can break out of its current price range and potentially reach higher levels. Nevertheless, the persistent interest and investment from major ETF players like BlackRock and Fidelity are considered positive signs for Bitcoin’s future development.
In other cryptocurrency news, Gate.io is celebrating its 11th anniversary with various prize activities and a vision for the future.