Spot market Bitcoin exchange-traded funds (ETFs) have seen a remarkable nine-day streak of inflows, totaling over $1.75 billion.
Daily Inflows
Since May 14th, BTC ETFs have consistently received positive inflows, with May 15th and May 21st witnessing the largest gains of $303 million and $305.7 million, respectively.
Grayscale Outflows
The only exception to this trend was the Grayscale Bitcoin Trust (GBTC), which experienced outflows on May 14th ($50.9 million), May 22nd ($16.1 million), and May 23rd ($13.7 million).
Largest Inflow
The most significant single inflow occurred on May 21st, when the iShares Bitcoin Trust (IBIT) received a staggering $290 million.
SEC Approval
The SEC’s approval of spot market BTC ETFs earlier this year has paved the way for this surge in investments. These ETFs provide investors with exposure to Bitcoin without the need for direct purchase.
Hedge Fund Involvement
Recently, it was revealed that some of the largest US hedge funds have collectively invested over $2.6 billion in BTC ETFs.
Bitcoin Price
At the time of writing, Bitcoin is trading at $68,122, showing a slight increase over the past 24 hours.
