The U.S Spot Bitcoin ETF has experienced a surge of $170 million in inflows during the initial two days of this week, indicating a strong start. Last week, the ETF witnessed three consecutive days of outflows, but it seems to be regaining momentum now. This recent influx of funds reflects growing investor confidence in Bitcoin ETFs and has contributed to the cryptocurrency’s ability to maintain its price above key levels.
The approval of the U.S Spot Bitcoin ETF has been a significant milestone in the digital asset space this year. The anticipation of this approval has played a part in the gains observed since last year. In mid-March, Bitcoin reached a new all-time high of $73,000, largely driven by the exceptional performance of Bitcoin ETFs in the United States. However, recent data from Grayscale’s outflows and concerns about dwindling institutional support have dampened enthusiasm.
Despite these concerns, the latest data from Farside Investors reveals that Bitcoin ETFs received a substantial amount of $100.5 million on May 14. Notably, ARKB received $133.1 million, surpassing Grayscale’s outflow of $50.9 million. On the other hand, trade in BlackRock’s IBIT has been subdued during the first two trading days of the week. Nevertheless, the recent data on U.S Spot Bitcoin ETF inflows has sparked a debate, as it demonstrates that market participants’ trust remains unwavering despite the recent inflation updates.
In other crypto news today, Binance has introduced a Funding Rate Arbitrage Bot and expanded Spot Copy Trading to all eligible users. These developments further highlight the ongoing advancements in the cryptocurrency industry.
