Key Points
- Bitcoin ETFs recorded total net inflows of over $241 million yesterday.
- BTC surpassed the important mark of $71k, and the coin is up by 6% in 24 hours.
The latest data coming from SoSoValue reveals that Bitcoin ETFs saw total net inflows of more than $241 million yesterday, May 20. Here are the most significant inflows in the crypto products from the other day:
- Grayscale’s Bitcoin ETF, GBTC, saw over $9.3 million inflows in a single day.
- Ark Invest and 21Shares’ Bitcoin ETF, ARKB recorded more than $68 million in inflows.
- BlackRock’s Bitcoin ETF, IBIT, received over $66 million in total net inflows.
- Bitwise’s Bitcoin ETF, BIBT, saw total net inflows of $28 million yesterday.
- Fidelity’s Bitcoin ETF, FBTC, recorded net inflows of $64 million.
This marks the sixth consecutive day in which US Bitcoin ETFs recorded net inflows. The crypto products regained momentum in the country.
Bitcoin above $71k
Regarding the price of BTC, at the moment of writing this article, BTC is trading above the important mark of $71k. BTC is up by more than 6% in the past 24 hours, according to data from CoinMarketCap.
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Earlier, the price of BTC surpassed $71,700 for the first time since March.
Bitcoin’s upward moves began during the past week, on May 15, following the latest CPI report which showed an eased inflation of 3.4% for April, in line with economists’ expectations.
Programmability, a potential catalyst for BTC
Potential new catalysts that could propel the price of BTC even higher have been recently touted, with Bloomberg reporting that Bitcoin developers suggest that a potential strong trigger for BTC’s price could be the network programmability.
BTC devs mentioned the success of Bitcoin ETFs approved at the beginning of 2024, and the halving event that took place on April 20 for Bitcoin as the main catalysts so far for BTC’s price. They believe that adding programmability and software updates to the network could take BTC to new heights.
Bloomberg mentioned new approaches from Arch startup and Layer 1 Foundation.
Arch runs an application platform on top of Bitcoin, using software that will potentially allow apps from Solana to be ported onto Bitcoin.
Layer 1 Foundation is currently building a programmable module for the BRC-20 metaprotocol, which implies messages stored in code layered on the Bitcoin blockchain.
