Bitcoin ETFs add nearly $1B as BTC surges past $80K in multi-day rally
US spot Bitcoin ETFs posted $999 million in inflows over two trading days as Bitcoin moved back above $80,000.
Spot Bitcoin (BTC) exchange-traded funds (ETFs) have recorded almost $1 billion in inflows since the cryptocurrency reclaimed $80,000.
Bitcoin ETFs posted $467.4 million of inflows on Tuesday as BTC surged past $81,000, extending Monday’s $532 million inflows, according to SoSoValue data, bringing the two-day total to more than $999 million.
The latest inflows follow April’s $1.97 billion in total net inflows, pointing to strong demand as Bitcoin's rebound continues.
Since May 1, the funds have attracted a total of $1.63 billion in inflows, bringing cumulative inflows to $59.7 billion and total assets under management to roughly $109 billion, the highest level so far this year.
The inflows came despite Strategy executive chairman Michael Saylor signaling potential Bitcoin sales to meet corporate obligations in an apparent departure from his long-standing “never sell Bitcoin” messaging.
Bitcoin ETFs show resilience with 8% outflows vs 50% BTC drawdown
The resilience in Bitcoin ETF flows comes even after a roughly 50% drawdown in Bitcoin during the cycle, while ETFs saw outflows of about 8% of assets, according to Bloomberg ETF analyst Eric Balchunas.
In a Roxom TV interview on Tuesday, the analyst pointed to the role of distribution networks, saying Wall Street wholesalers have effectively been unlocked by the products’ structure.
“Don’t underestimate the firepower of Wall Street wholesalers,” he said in reference to the flows.
Source: https://cointelegraph.com/news/bitcoin-etfs-1-billion-inflows-btc-surge-past-80k
US spot Bitcoin ETFs posted $999 million in inflows over two trading days as Bitcoin moved back above $80,000.
Spot Bitcoin (BTC) exchange-traded funds (ETFs) have recorded almost $1 billion in inflows since the cryptocurrency reclaimed $80,000.
Bitcoin ETFs posted $467.4 million of inflows on Tuesday as BTC surged past $81,000, extending Monday’s $532 million inflows, according to SoSoValue data, bringing the two-day total to more than $999 million.
The latest inflows follow April’s $1.97 billion in total net inflows, pointing to strong demand as Bitcoin's rebound continues.
Since May 1, the funds have attracted a total of $1.63 billion in inflows, bringing cumulative inflows to $59.7 billion and total assets under management to roughly $109 billion, the highest level so far this year.
The inflows came despite Strategy executive chairman Michael Saylor signaling potential Bitcoin sales to meet corporate obligations in an apparent departure from his long-standing “never sell Bitcoin” messaging.
Bitcoin ETFs show resilience with 8% outflows vs 50% BTC drawdown
The resilience in Bitcoin ETF flows comes even after a roughly 50% drawdown in Bitcoin during the cycle, while ETFs saw outflows of about 8% of assets, according to Bloomberg ETF analyst Eric Balchunas.
In a Roxom TV interview on Tuesday, the analyst pointed to the role of distribution networks, saying Wall Street wholesalers have effectively been unlocked by the products’ structure.
“Don’t underestimate the firepower of Wall Street wholesalers,” he said in reference to the flows.
Source: https://cointelegraph.com/news/bitcoin-etfs-1-billion-inflows-btc-surge-past-80k
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