Bitcoin exchange-traded funds (ETFs) have experienced a remarkable surge, with a net inflow of $218 million today, marking a record-breaking 18 consecutive days of gains in the cryptocurrency market. This streak showcases the increasing confidence of investors in Bitcoin as a legitimate asset class.
The influx of funds into Bitcoin ETFs has been led by prominent funds such as BlackRock’s IBIT, which saw a significant single-day inflow of $350 million. This surge represents the highest level of investment in IBIT in the past two months, indicating a strong recovery and a robust demand in the market.
On the other hand, Grayscale’s Bitcoin Trust (GBTC) faced outflows again after a brief period of inflows. This contrasting movement among funds highlights the varied strategies and investor sentiments present in the ETF sector.
The continuous inflow of funds into Bitcoin ETFs signifies a notable shift towards cryptocurrencies in traditional investment portfolios. Analysts believe that sustained interest from institutional investors could contribute to market stability and potentially drive up Bitcoin’s price in the coming weeks.