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Bitcoin ETF Roundup May 21: Product Sees $305M Net Inflow, the Biggest Since May 2

Bitcoin ETF has continued its inflow streak amidst increased hype around an imminent Ethereum ETF approval.

Bitocin ETF

Incessant inflow into US exchange-traded funds (ETFs) seems to have resumed after the product saw a single-day net positive flow last seen since May 2. Bitcoin ETFs saw an influx of $305 million on Tuesday, the seventh consecutive day of net inflow.

BlackRock’s iShares Bitcoin Trust (IBIT) led inflow on Tuesday, the first time the asset manager has done so since May 16. IBIT attracted a substantial $290 million in inflows. Fidelity Wise Origin Bitcoin Fund (FBTC) saw a single-day positive flow of $25.8 million, its lowest since May 14.

IBIT and FBTC were the only issuers to record a net inflow, with most others seeing zero flow. Only VanEck’s HODL and Bitwise’s BIBT saw net outflows on Tuesday, posting $5.9 million and $4.2 million net outflows, respectively.

Grayscale’s GBTC, which is on a four-day inflow streak, was among the issuers that recorded no inflow or outflow. In total, US ETFs have raked in $13.17 million since they began trading in January.

Bitcoin ETF Surges Amid Ethereum ETF Hype

The recent surge in Bitcoin ETFs is fueling speculation about potential Ethereum counterparts. Analysts suggest that the SEC’s approval of an Ethereum ETF could potentially lead to significant market implications, as was seen in January.

Standard Chartered Bank noted yesterday that an Ethereum ETF approval could propel Bitcoin and Ether to new all-time highs. The firm proposes a BTC at $150,000 and an ETH at $8,000 scenario by the end of the year. 

This speculation is driving investor interest in Bitcoin ETFs as anticipation builds over the potential for broader market gains in the event of Ethereum ETF approval. The SEC has a deadline of May 24 to decide on approving a spot Ether ETF.

Bitcoin was trading above $70,000 at press time, slightly declining by 1.58% in the last 24 hours.

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.