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Bitcoin spot exchange-traded funds (ETFs) continued their impressive run, recording a net inflow of $45.1432 million on May 28.
What Happened: This marks the eleventh consecutive day of net inflows for these investment vehicles, highlighting growing investor interest in the world’s leading cryptocurrency, according to data from SoSo Value.
While the overall figure is significant, a closer look reveals a shift in investor preference within the Bitcoin ETF landscape.
Grayscale‘s Bitcoin Trust (OTC:GBTC), the first and once-dominant Bitcoin investment product, witnessed an outflow of $105 million.
This stands in contrast to the inflows observed in newer spot ETFs like BlackRock‘s iShares Bitcoin Trust (NASDAQ:IBIT) ($103 million) and Fidelity‘s Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) ($34.3451 million).
This trend aligns with a broader report from digital asset investment firm Coinshares, which revealed a record-breaking $1.05 billion in inflows for the week across all digital asset investment products, bringing the year-to-date total to $14.9 billion.
Bitcoin ETPs, which directly track the price of Bitcoin, were the primary driver of these inflows, attracting $1.01 billion last week.
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What Happened: This surge in interest likely reflects investor optimism surrounding Bitcoin (CRYPTO: BTC), further fueled by recent price increases that have pushed the total value of all digital asset ETPs to a record $98.5 billion.
The Coinshares report also sheds light on regional trends.
The United States emerged as the dominant market, attracting $1.03 billion in inflows, with established players like Grayscale seeing a significant slowdown in outflows (only $15 million this week).
Interestingly, the recent launch of Bitcoin spot-based ETFs in Hong Kong seems to have hit a snag.
After a strong initial week with $300 million in inflows, the market saw a reversal with $29 million flowing out last week.
Looking beyond Bitcoin, the report highlights a positive shift towards Ethereum (CRYPTO: ETH) as well.
Ethereum ETPs saw $36 million in inflows, marking the highest since March and likely a response to the recent approval of Ethereum ETFs in the US.
What’s Next: These trends and their implications for the digital asset market will be key topics of discussion at Benzinga’s Future of Digital Assets event on Nov. 19.
Industry leaders will gather to analyze these developments and explore future trajectories, providing valuable insights into the rapidly evolving world of digital asset investments.
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