With Bitcoin’s price rebound, US-listed spot Bitcoin ETFs have been steadily receiving investments since mid-April, giving them a leg up. Farside data shows that spot Bitcoin (BTC) exchange-traded funds (ETFs) have been receiving inflows of $335.8 million for the last seven days running.
Compared to the last seven-day inflow streak in March, which had a total of $1.2 billion, the ETFs attracted around $1.9 billion during the inflow streak. Wallet Pilot estimates that there is roughly $101 billion worth of Bitcoin held by Bitcoin ETFs, with a total of 1.3 million Bitcoin in custody.
Investors Optimistic
Coinciding with the consistent influx of capital into Bitcoin ETFs, the price of BTC has risen, increasing by 11% in the last 30 days. According to CoinGecko, Bitcoin momentarily surpassed $79,000 on Wednesday, marking its first such occurrence since late January.
More than $1.4 billion, or more than 73% of the $1.9 billion inflows during the most recent inflow streak, went into BlackRock’s iShares Bitcoin Trust ETF (IBIT). For all US-listed spot Bitcoin ETFs, the fund’s 809,870 Bitcoin represent 62% of the entire AUM.
With $95 million in the overall streak, the Morgan Stanley Bitcoin Trust (MSBT) made a major contribution to the momentum. Importantly, since its start on April 8, the fund has generated $163 million and has not had any outflows.
Nonetheless, throughout the last seven trading sessions, a number of funds have seen losses. During that time, around $100 million was withdrawn from investments, with the Grayscale Bitcoin Trust ETF (GBTC) being the leading fund.
According to Farside, US-listed Ether spot ETFs have been seeing a 10-day inflow streak reaching $633.6 million, which is a good sign for Ether (ETH), the second-largest cryptocurrency asset by market cap.