Bitcoin ETFs See $237M Inflows as BTC Surges 7% to $71000

Daily ETF inflows surpassed BTC mining, buying over 3,400 BTC against 450 mined, reflecting rising institutional interest with $932M inflows last week.

Written By:
Ronak Kumar

Last updated: May 22, 2024 11:46 AM

Published 2024-05-21

Bitcoin ETFs attracted $237 million in inflows on May 20, aligning with Bitcoin’s 7% price surge to $71,000, driven by optimism for a spot Ethereum ETF approval.

Bitcoin ETFs See $237M Inflows as BTC Surges 7% to $71000 — Bitcoin ETF Flow Table | Source : Farside Investors

According to Farside Investors data, Bitcoin spot ETFs recorded a net inflow of $237.2 million, surpassing daily BTC mining. Grayscale’s GBTC gained $9.35 million despite CEO Michael Sonnenshein’s resignation, marking five consecutive days of inflows.

Ark Invest’s ARKB and BlackRock’s IBIT garnered $68.28 million and $66.35 million, respectively. At the same time, spot Bitcoin ETFs acquired over 3,400 BTC on May 20, surpassing the daily mining rate of 450 BTC and leading to a total of $235 million in U.S. Bitcoin ETF inflows.

The daily ETF inflows surpassed BTC mining rates, with over 3,400 BTC purchased against 450 BTC mined. Institutional interest in Bitcoin continues to rise, with over $932 million in investment products inflows last week.

Projections from CryptoCon suggest Bitcoin could hit $108,000 to $149,000 by year-end, bolstered by growing institutional confidence and market dynamics.

Also Read: Bitcoin Surpasses $71,000 Amid Spot ETF Surge

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