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Bitcoin ETF Roundup May 19: Ark’s 21 Shares Shine as Funds See $237M Inflow

Bitcoin gains bullish momentum, pushing above $71,000 as US ETF products sustain inflows

Bitcoin ETF

US exchange-traded funds (ETFs) continued from where they stopped last week after recording a net inflow of $237 million on Monday. This marked the sixth consecutive day of net inflow into the Bitcoin ETF product, a feat last seen in March.

Ark Invest’s ARKB emerged as the leader on Monday, attracting a significant inflow of $68.4 million. The asset manager’s recent performance has been stellar, outshining even industry giants like BlackRock in terms of investor attraction over the past five trading days.

Blackrock’s IBIT followed closely with a $66.4 million net inflow, its second-best inflow day since the start of the month. Fidelity’s FBTC and Bitwise’s BIBT recorded $64 million and $24 million, respectively.

Grayscale’s GBTC has made a strong comeback, with a four-day streak of inflows, a feat not seen since its conversion on January 11. The asset manager pulled in $9.3 million on Monday, indicating a significant reduction in selling pressure.

Notably, the streak of positive net flows from ETF products has fully covered the entire loss seen in April. The Bitcoin product has seen more than $1.17 million in net inflow in the past seven trading days.

Bitcoin Aims for New Highs 

As inflows have resumed and macroeconomics look good, Bitcoin has set out to reach and surpass its previous high of $74,000. The asset rose 7% to trade above $71,000 for the first time in over a month.

Bitcoin made its first massive move on Wednesday when a colder-than-expected customer price index (CPI) came in. The asset broke above a significant resistance in the $65,000 zone and has since continued a bullish uptrend.

Other coins like Ethereum and Solana also saw a massive upward trajectory, with the former adding $500 in two hours on Monday. Ethereum pushed above $3,500 on the surprise development that the Securities and Exchange Commission (SEC) has taken a significant step with Ether ETF applicants on Monday.

Solana, on the other hand, traded above $180 for the first time since early April, reaching $185 as the network continues to see sustained trading volume and on-chain activity. At press time, Solana traded at $181.5, with a market cap of $82 billion.

Elendu Benedict

Elendu Benedict is a professional writer with sheer competence in crypto-related journalism. With a background in Engineering, Benedict specialises on news related to ETFs, market analysis, and macroeconomic policies that affects the crypto market.