Key Points
- The total net inflows in Bitcoin ETFs were of $252 million on May 24.
- BTC is now trading above $68k.
According to the latest reports coming from SoSoValue, Bitcoin ETFs recorded inflows of $252 million on May 24, making this the tenth consecutive day in which the crypto products saw inflows.
Here are the net inflows for the previous day, according to official data:
- BlackRock’s Bitcoin ETF, IBIT, recorded inflows of $182 million.
- Fidelity’s Bitcoin ETF, FBTC, saw inflows of $44 million.
- ArkInvest and 21Shares’ Bitcoin ETF, ARKB, recorded inflows of $4 million.
- Bitwise’s Bitcoin ETF, BITB, saw inflows of $6 million.
- VanEck’s Bitcoin ETF, HODL, recorded inflows of $16 million.
The other crypto products did not see any inflows or outflows the other day, according to SoSoValue.
The total net asset value of the Bitcoin ETFs was $59 billion, according to the same data.
BTC is trading above $68k
At the moment of writing this article, BTC is trading above the important mark of $68,000 and the coin is up by over 2% in the past 24 hours.
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Earlier today, BTC reached prices over $69,200, before the coin slightly dropped below the $69,000 level.
Bitcoin has been recently surrounded by optimistic price predicitons. For instance, Willy Woo said that if BTC holds its price near current levels, we might be able to see new ATHs for the coin soon.
He also highlighted that after a break of ATH, the price of the coin is expected to move violently relative to capital inflows, driving up risk – this is where most of the fast gains happen.
Where we sit in the zoomed out picture…
After a break of ATH, price is expected to move violently relative to capital inflows, driving up risk. That’s where most of the fast gains happen. pic.twitter.com/HFR1nMrS6u
— Willy Woo (@woonomic) May 21, 2024
BTC began a bullish rally during the past week, following the refreshing CPI report on May 15 that showed an eased inflation of 3.4% for April.
Also, new proposals regarding the Bitcoin network programmability are seen by developers as potential new catalysts for the coin’s price.
The FIT21 bill, aimed at setting legal rules for the digital asset industry, has been passed by the U.S. House of Representatives, and the move also triggered moves upwards for BTC and an overall positive sentiment for the crypto market.
