New data shows that Bitcoin (BTC) spot market exchange-traded funds (ETFs) have seen inflows totaling more than $1 billion dollars for nine days in a row.
According to facts from London-based investment firm Farside Investors, BTC ETFs have seen positive inflows every day since May 14, totaling more than $1.75 billion.
May 15 and 21 were the days with the largest inflows, with $303 million and $305.7 million respectively.
The data also shows that the Grayscale Bitcoin Trust (GBTC) is the only BTC ETF to see an outflow during the nine-day period. On May 14, there were outflows worth $50.9 million, while on May 22 and 23, there were $16.1 million and $13.7 million outflows, respectively.
Additionally, according to Farside, the biggest example of incoming funds came on May 21, when the iShares Bitcoin Trust (IBIT) saw a staggering $290 million inflow.
Spot BTC ETFs were approved by the US Securities and Exchange Commission (SEC) earlier this year, after years of rejection when a judge ruled that the regulatory body must reconsider its position to remain consistent with previous rulings.
BTC ETFs give consumers exposure to the top crypto assets by market cap, without having to purchase them directly.
Earlier this month, it was discovered that the largest US hedge funds amassed over $2.6 billion in BTC ETFs.
“Twelve of the 25 largest US hedge funds have a combined Bitcoin ETF exposure of more than $2.6 billion. Eleven of the 25 largest registered investment advisors (RIAs) also have exposure. While Bitcoin is only a $1 trillion asset class.”
Bitcoin is trading at $68,122 at the time of writing, up fractionally over the past 24 hours.
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