Bitcoin ETFs show $1.3 billion inflows and bounce back from April’s slump

Spot
Bitcoin
exchange-traded
funds
(ETFs)
in
the
US
registered
$1.3
billion
in
inflows
over
the
past
two
weeks,


shared
Bloomberg
ETF
analyst
Eric
Balchunas
on
X.
This
was
enough
to
recover
completely
from
April’s
net
outflows
of
over
$343
million.

The
Bitcoin
ETFs
traded
in
the
US
now
hold
more
than
$12.3
billion
under
management,
which
Balchunas
considers
a
key
number
for
considering
inflows
and
outflows.

The
bitcoin
ETFs
have
put
together
a
solid
two
weeks
with
$1.3b
in
inflows,
which
offsets
the
entirety
of
the
negative
flows
in
April-
putting
them
back
around
high
water
mark
of
+$12.3b
net
since
launch.
This
key
number
IMO
bc
it
nets
out
inflows
and
outflows
(which
are
normal)

pic.twitter.com/tdnZOKEocM

—
Eric
Balchunas
(@EricBalchunas)

May
17,
2024

Moreover,
Balchunas
highlighted
that
those
numbers
make
a
point
of
not
getting
“emotional”
over
Bitcoin
ETF
flows,
sharing
his
belief
that
the
net
flows
will
turn
out
as
positive
in
the
long
term
and
that
the
flow
amounts
are
relatively
small
when
compared
to
the
total
under
management.

As


reported
by
Crypto
Briefing,
professional
investment
firms
showed
a
high
interest
in
Bitcoin
ETFs
in
the
first
quarter,
with
937
of
them
reporting
exposure
to
those
investment
instruments
in
their
13F
Forms.

Balchunas


doubled
down
on
that,
highlighting
that
BlackRock’s
IBIT
got
414
reported
holders
in
Q1.
He
adds
that
having
20
holders
for
a
recently
launched
ETF
is
“highly
rare,”
showing
that
at
least
four
Bitcoin
funds
surpassed
that
mark
with
ease.

In
the
last
24
hours,
nine
Bitcoin
ETFs
in
the
US
added
3,743
BTC
to
their
holdings,
as


reported
by
X
user
Lookonchain,
which
is
equivalent
to
over
$250
million.
Grayscale’s
GBTC
added
397
BTC,
while
BlackRock’s
IBIT
added
1,435
BTC.

Galaxy’s
BTCO
was
the
only
Bitcoin
ETF
showing
daily
net
outflows,
with
543
BTC
leaving
their
chest.

Regulatory
movements

Furthermore,
recent
regulatory
developments
in
the
US
could
heat
up
even
more
the
Bitcoin
ETF
landscape.
Yesterday,
the
Senate


passed
a
vote
to
overturn
the
SEC’s
Staff
Accounting
Bulletin
No.
121
(SAB
121),
which
makes
it
more
expensive
for
banks
to
hold
digital
assets
for
their
customers.

However,
US
President
Joe
Biden
has
already
manifested
himself
contrary
to
the
bill,
and
a
presidential
veto
is
very
likely.