Bitcoin ETF Companies Records $303 Million in Inflow As Price of BTC Rises to $65,000
Bitcoin has broken beyond the $65,000 barrier today to reach a new heights since it’s last all time high. Significant inflows into Bitcoin exchange-traded funds (ETFs) reflected this positive sentiment, with an influx of $303 million into these funds.
Analysts ascribe the surge in cryptocurrency prices to many variables, such as heightened institutional attention, prevailing macroeconomic patterns, and increasingly recognizing cryptocurrencies as a valid asset class.
Investor confidence has increased due to Bitcoin’s outstanding performance, and significant inflows have been made into Bitcoin ETFs. Among Bitcoin ETFs, Fidelity’s FBTC stood out as the top performer, with $131.3 million in inflows.
The recent turnaround in Bitcoin ETF inflow reflects the sudden change in Bitcoin’s price on May 15. Meanwhile, according to CoinMarketCap data, the price of Bitcoin moved from $62,000 to $65,000 at press time. This was after the market capitalization rose by 0.65% to reach $1,287,843,343,994 in 24 hours. The trading volume rose by 8.91% to hit $35,776,461,204.
Ark Invest CEO Speaks, As Joe Burnett Predicts Bitcoin Price
Ark Invest, led by CEO Cathie Wood, has been an outspoken supporter of blockchain technology and Bitcoin. The company’s creative strategy includes forming partnership with investors and bolstering ARKB’s rising stature. This optimistic outlook has been influenced by several macroeconomic issues, such as worries about inflation, which have led investors to look for hedges like Bitcoin.
Joe Burnett, a popular cryptocurrency influencer with Mimesis Capital and Blockware, took to his X social media handle to opined that some traders may regret not investing in the Bitcoin market, predicting a possible increase of $5 million in the next ten years. And this development will remain unchanged for the next 25 years.
Explaining this scenario, Burnett said he expects to see the current central banks all over the world lose trust in curtailing the spread of Bitcoin. He also pointed out the rising United States debts, which are accumulating in trillions. Burnett said it is unlikely that these debts will ever be repaid.
Increase in Bitcoin ETF Linked to Growing Investor Optimism
Brian Danga from DailyCoin explained that the significant inflows into Bitcoin ETFs indicate rising optimism regarding Bitcoin’s long-term potential. As more investors swarm to these offerings, the demand for Bitcoin is anticipated to rise, possibly pushing up the cryptocurrency’s price to attain a new all time high.
Danga added that if these ETFs are successful, they may lead to the release of more Bitcoin investment products and the further incorporation of digital assets into established financial markets.
The cryptocurrency industry’s market value has experienced a drastic increase lately. This is a result of the increase also experienced in the Bitcoin market capitalization, which had a 6% rise in 24 hours. The development has triggered a bullish trend in the Bitcoin market, pushing it to reclaim its original spot.
FBTC, BITB, and ARKB Tops the Most Bitcoin ETF Issuers
According to the latest data published on the Daily Coin platform, Fidelity Wise Origin Bitcoin Fund (FBTC) by Fidelity had the most inflows, accumulating $131.3 million in total. This is seconded by Bitwise Bitcoin ETF (BITB) by Bitwise, accumulating $86.3 million in total inflows.
The last and third Bitcoin ETF with the most inflows is ARK 21Shares Bitcoin ETF (ARKB) by Ark Invest, which garnered $38.6 million in total inflows. However, Grayscale’s converted fund (GBTC), which has emerged as the biggest Bitcoin ETF in terms of total net assets value, had a total inflow of $27 million. Unfortunately, on Wednesday, Hashdex Bitcoin ETF (DEFI) and iShares Bitcoin Trust (IBIT) recorded a $0 daily inflow.
Franklin Bitcoin ETF (EZBC) had published $7.5 million in total inflows, while VanEck’s Bitcoin Trust (HODL) recorded a $3.7 million inflow. Others include Invesco’s Invesco Galaxy Bitcoin ETF (BTCO), with $4.6 million, Valkyrie’s Valkyrie Bitcoin Fund (BRRR) with $2.1 million, and Bitcoin Well Inc (BTCW) by WisdomTree, $3.7 million.
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