Key Points
- Bitcoin ETFs recorded net inflows of $154 million yesterday.
- BTC is currently trading above $69k.
According to the latest data coming from SoSoValue, Bitcoin ETFs recorded $154 million in net inflows on May 22. This was the eighth consecutive day in which the crypto products saw inflows.
Here are the inflows and outflows in Bitcoin ETFs for the other day:
- BlackRock’s Bitcoin ETF, IBIT, recorded a single-day inflow of $92 million.
- Fidelity’s Bitcoin ETF, FBTC, saw an inflow of $75 million yesterday.
- Ark Invest and 21Shares’ Bitcoin ETF, ARKB saw $3 million in inflows the other day.
- Grayscale’s Bitcoin ETF, GBTC, recorded an outflow of about $16 million.
The total net asset value of the Bitcoin ETFs was of $59,2 billion, according to the same data.
BTC is trading above $69k
At the moment of writing this article, BTC is trading above $69k, and the coin is up by over 5% in the past seven days, according to data from CoinMarketCap.
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On May 22, BTC surpassed the important level of $70,500, before seeing a slight correction. The coin has been able to maintain its price above the important mark of $69k.
BTC began a bullish rally during the past week, when on May 15, the CPI report for April showed optimistic data of an eased inflation for the month, of 3.4%. This triggered a surge in price for BTC of 3% on the day.
BTC remains surrounded by a positive sentiment coming from multiple reports and plans.
For instance, according to Matrixport, we might even see new ATHs for the coin in the coming days. Also, Bitcoin devs have touted programmability on the network as a new potential catalyst for BTC’s price as well.
Some political factors are also helping the positive sentiment to remain around Bitcoin. The U.S. House of Representatives passed the FIT21 bill, also known as the Financial Innovation and Technology for the 21st Century Act.
This Republican-led bill is designed to establish legal guidelines for the wider digital asset industry.
