Key Points
- Bitcoin ETFs saw inflows of $28 million yesterday.
- Bitcoin is trading above $67k.
According to the latest data from SoSoValue, the total net inflows recorded by Bitcoin ETFs was over $28 million on May 29. This was the 12th consecutive day in which the crypto products saw inflows.
Here are the inflows and outflows that have been recorded the other day by Bitcoin ETFs:
- BlackRock’s Bitcoin ETF, IBIT, recorded inflows of $25 million.
- Fidelity’s Bitcoin ETF, FBTC saw inflows of $1.8 million.
- Ark Invest and 21Shares’ Bitcoin ETF, ARKB saw inflows of $4 million.
- Bitwise’s Bitcoin ETF, BITB, recorded inflows of $11 million.
- Invesco and Galaxy Digital’s Bitcoin ETF, BTCO, saw inflows of $1 million.
- Grayscale’s Bitcoin ETF, GBTC recorded outflows of $31 million.
The total net asset value of the Bitcoin ETFs was $57.6 billion, according to the same data.
Of the Bitcoin ETFs, BlackRock’s BTC ETF, IBIT, is now the world’s largest BTC fund, amassing close to $20 billion.
On May 29, the crypto fund was holding $19.48 in net assets since the US SEC approved the listing of the crypto products at the beginning of 2024.
IBIT held $19.68 billion in BTC on May 28, surpassing the $19.65 Grayscale Bitcoin Trust, according to official data.
BTC trades above $67k
At the moment of writing this article, BTC is trading above $67,000.
- Zoom
- Type
Bitcoin has reportedly spent 42 days in the boredom zone, as pseudonymous crypto trader CryptoCon said in a post on X today.
He explained that this is part of healthy price action and using volatility, we can measure boredom in the market which translates into a lack of price action.
He also said that boredom periods are much shorter than excitement and expansion and such times of low volatility are crucial to build support for the next leg up.
Regardless of this boredom period, Bitcoin is still surrounded by optimistic predicitons coming from the massive potential of ETFs, the network programmability, and more.
Speaking of adding new functions to the Bitcoin network as a new catalyst, the potential passage of the OP_CAT Bitcoin Improvement Proposal in 2025 could lead to significant Bitcoin innovation and widespread adoption.
