New data reveals that spot market Bitcoin (BTC) exchange-traded funds (ETFs) have brought in nine straight days of inflows totaling over $1 billion dollars.
According to data from London-based investment firm Farside Investors, BTC ETFs have seen positive inflows every day since May 14th, totaling more than $1.75 billion.
May 15th and May 21st marked the days with the largest inflows, as they saw $303 million and $305.7 million, respectively.
The data also unveils that the Grayscale Bitcoin Trust (GBTC) is the only BTC ETF that saw outflows during the nine-day period. On May 14th, it saw $50.9 million worth of outflows while on May 22nd and May 23rd, it saw $16.1 million and $13.7 million, respectively.
Furthermore, according to Farside, the single biggest instance of incoming funds was on May 21st, when the iShares Bitcoin Trust (IBIT) saw a staggering $290 million worth of inflows.
Spot market BTC ETFs were approved by the U.S. Securities and Exchange Commission (SEC) earlier this year after years of rejection when a judge ruled that the regulatory body must reconsider its stance to remain consistent with previous rulings.
BTC ETFs give consumers exposure to the top crypto asset by market cap without them having to directly purchase it.
Earlier this month, it was found that the largest US hedge funds combined to accumulate over $2.6 billion worth of BTC ETFs.
“Twelve of the largest 25 US hedge funds collectively have over $2.6 billion Bitcoin ETF exposure. Eleven of the largest 25 Registered Investment Advisors (RIAs) also have exposure. All while Bitcoin is just a $1 trillion asset class.”
Bitcoin is trading for $68,122 at time of writing, a fractional increase during the last 24 hours.
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