US Bitcoin ETFS record positive inflows in Week 5 – But demand may be decreasing
Over the past week, the U.S.-based Bitcoin ETF (exchange trade funding) continues to be positively red. These crypto-based financial products have announced more than $600 million influx of net capital over the past five trading days, reflecting the continued optimism among U.S. investors.
While BTC exchange-traded funds began a terrible start in the second quarter, crypto investment products seem to have completely changed over the past few weeks. The latest weekly performance of the Bot Bitcoin ETF represents their fifth straight weekly registration of positive capital inflows.
Bitcoin ETF registers $260 million inflows in one day
According to Request for servicesOn Friday, May 16, the U.S. spot Bitcoin ETF market witnessed a total net inflow of $260.27 million. This latest round of capital influx represents the third consecutive day of positive inflows of crypto products following a massive withdrawal on Tuesday, May 13.
Market data shows that no Bitcoin ETF recorded outflows on Friday, and BlackRock’s ishares Bitcoin Trust (IBIT with stocks) received the most important part of the capital inflows. The largest BTC exchange-traded fund ended the week with an additional value of nearly $130 million.
The Fidelity Wise Origin Bitcoin Fund (FBTC) released its second largest inflow on Friday, with an additional value of $67.95 million. ARK&21Shares’s Bitcoin ETF (ARKB) also had a net daily influx of $57.98 million on the day. Finally, Grayscale’s Bitcoin Mini Trust (BTC) also recorded a total of $4.61 million per day to end the trading week.
Source: SoSoValue
As highlighted, the $260 million net capital influx Friday brought the weekly record of the U.S.-based live Bitcoin ETFS to a positive total inflow of more than $603 million. It is worth noting that this positive weekly performance represents the influx of capital connecting cryptocurrency financial products in Week 5.
However, it is worth mentioning that the total inflows per week appears to be on a downward trend, with the summit in mid-April when the Bitcoin ETF recorded its second-highest weekly performance. According to Sosovalue, the total weekly inflows of BTC exchange-traded funds exceeded $3 billion between April 20 and April 25.
The US Bitcoin ETF market finally exceeded the $100 million mark in the last week of April, with a cumulative weekly inflow rate of about $1.8 billion. As capital influx continues to decline, fatigue appears to be spreading among ETF investors in the United States.
The price of Bitcoin is clear at a glance
As seen in recent bullish price action at the peak of recent ETF activity, BTC’s price remains responsive to the performance of U.S. Bitcoin ETFs. Therefore, investors may want to be cautious about the market, especially considering the decline in ETF capital inflows.
As of this writing, BTC is priced at about $103,362, reflecting that there are no significant moves in the past 24 hours. The single-day action highlights the Prime Minister’s cryptocurrency struggle over the past week in consolidation.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured images from Istock, charts for TradingView
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