Bitcoin, the leading cryptocurrency, has recently seen a surge in demand, according to on-chain data platform SoSoValue. On May 31, BTC spot ETFs received a net inflow of $48.738 million, indicating a strong demand in the Bitcoin market.
The market for BTC spot ETFs has experienced a 14-day streak of net inflows, which came to an end on May 31. SoSoValue also revealed the individual positions of the BTC ETFs, showing that BlackRock’s IBIT ETF had an inflow of $169 million. This puts BlackRock in a favorable position compared to Grayscale, as the Grayscale Bitcoin Trust ETF saw an outflow of $124 million. Fidelity, another prominent exchange-traded fund, saw some inflows.
With this data, it is evident that BlackRock’s IBIT ETF is gaining momentum and has now surpassed Grayscale to become the top-ranked BTC fund.
Tags: BTC, ETF