- At roughly $69,100, the price of Bitcoin is approximately 6% below its record high.
Over the last two weeks, investors have poured about $2 billion into US spot Bitcoin exchange-traded funds (ETFs), according to Farside data. Additionally, these funds had net inflows for ten days in a row.
Over $1 billion has been invested in US spot Bitcoin ETFs only this week, with Thursday seeing the biggest daily inflow of about $305 million.
iShares Bitcoin Trust (IBIT), a Bitcoin ETF managed by BlackRock, lead the group in weekly inflows of around $720 million. With almost $227 million, Fidelity’s Wise Origin Bitcoin Fund (FBTC) secured the second position.
Last week, when FBTC outpaced IBIT in terms of weekly inflows, the rankings were reversed. According to data, between May 13 and May 17, FBTC had inflows of about $344 million, while IBIT recorded inflows of about $132 million.
IBIT is only $300 million short of surpassing Grayscale Bitcoin Trust, which presently possesses 289 BTC valued at $19.9 billion, with over 284,525 BTC in its holdings. Based on CoinGecko’s estimate, the value of Bitcoin (BTC) at the time of writing was $69,100. IBIT is on course to overtake all other Bitcoin ETFs in size.
With significant ETF inflows over the past two weeks, Bitcoin’s price has been moving in the same direction.
The price shot up to $69,000 on May 24, the last trading day of this week, representing a 13% increase over the previous two weeks. Bitcoin is currently just 6% away from its March record high of $73,700.
Following the fourth halving, which analyst Rekt Capital identified as the post-halving “danger zone” marked by increased volatility, Bitcoin had become stagnant. But last week, he pointed out that there was less selling pressure and that Bitcoin was about to go into an accumulating phase.
This week’s focus was on the SEC’s approval of spot Ethereum ETF filings, in addition to Bitcoin ETFs. To start trading, these ETFs still require approval of their S-1 forms, which ETF specialists estimate may take many weeks to months. But basically, the fact that spot Ethereum ETFs have been approved means that these products will soon be launched.
The increase in Ethereum’s price (ETH) was influenced by favorable developments that occurred before the acceptance. The announcement that the approval odds had been increased to 75% on Monday caused ETH to rise by 8%.
With a general market upswing, the rally continued throughout the day. Around $3,700 is where ETH is trading as of this writing, up more than 20% in the previous seven days.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
