Bitcoin exchange-traded funds (ETFs) have experienced a remarkable surge, receiving a net inflow of $218 million today. This marks the longest consecutive period of gains in the cryptocurrency market, lasting for 18 days and surpassing previous records. It demonstrates a growing trust from investors in Bitcoin as a legitimate asset class.
The boost in Bitcoin ETF investments is led by prominent funds such as BlackRock’s IBIT, which saw a significant single-day inflow of $350 million. This is the highest level of investment in the past two months for IBIT, indicating a strong comeback and a healthy demand in the market.
However, not all funds have shared the same success. Grayscale’s Bitcoin Trust (GBTC) experienced an outflow again after briefly experiencing two days of inflows. This variation in performance among ETFs showcases the diverse strategies and investor sentiments present in the market.
The consistent inflow into Bitcoin ETFs signifies a notable shift towards cryptocurrencies in traditional investment portfolios. Analysts believe that continued interest from institutional investors could help stabilize the market and potentially increase Bitcoin’s price in the coming weeks.
Tags: BTC, ETF.