Bitcoin
Spot BTC ETFs see $0 inflows, Bitcoin price falls
Bitcoin spot (Bitcoin) exchange-traded funds (ETFs) in the US recorded net inflows of $0 for the fourth time since their launch in January.
According to data Provided by Farside Investors, spot BTC ETFs were halted on May 27 as the broader crypto market faced correction. Notably, this is also the first time in the last two weeks that Bitcoin ETFs have not recorded inflows.
Data shows that BTC ETFs recorded more than $2 billion in net inflows between May 13 and 24. Total net inflows in the first two weeks of this month reached US$1.3 billion, offsetting April’s outflows.
O Bloomberg Senior ETF analyst Eric Balchunas said on May 17 that investors should not worry about short-term outflows in the ETF market. He added that BTC ETFs will “long-term net positive” returns.
Additionally, MicroStrategy founder Michael Saylor shared on May 27 that spot BTC ETFs now hold more than 1 million BTC across 32 investment products. This represents around 5% of the asset’s circulating supply.
BlackRock holds the largest amount of BTC in its ETF – 287,168 as of May 24. The list excludes GBTC stocks.
Bitcoin witnessed a 1.24% drop following $0 net inflows from spot ETFs. The top cryptocurrency is trading at $67,900 at the time of writing. It is important to note that BTC briefly reached an intraday high of around $70,590 at around 17:25 UTC on May 27.