- Spot Bitcoin ETF recorded $306 million in net inflow on Tuesday, May 21.
- BlackRock’s IBIT accounted for $290 million of the total Bitcoin ETF inflow of May 21.
- BTC surged 17% amid seven days of consecutive net ETF inflows.
The spot Bitcoin ETF market continued its strong performance with $306 million net inflow on Tuesday, May 21. With this milestone, the spot Bitcoin ETF achieved a consecutive net inflow for seven days and a day when Grayscale’s GBTC recorded a $0.00 net outflow.
Meanwhile, the BlackRock IBIT maintained its impressive performance by ranking as the highest in net inflow. IBIT’s net inflow for Tuesday was $290 million, representing about 95% of the total daily net inflow in the spot Bitcoin ETF market.
Tuesday’s influx of investment into spot Bitcoin ETFs boosted the total net assets value across all the listed products by 4.29%. Consequently, the spot Bitcoin ETF total net assets after Tuesday’s inflow reached $58.91 billion, according to data from Soso Value, a financial research platform for crypto investors.
It is worth noting that the consecutive spot Bitcoin ETF inflow significantly affected Bitcoin’s price. The flagship cryptocurrency surged impressively during this period, pushing closer to the all-time high (ATH) established about two months ago.
Bitcoin started rallying on May 17, recording a daily profit of over 7.5% for the first time in nearly two months. The top cryptocurrency broke above significant resistance around $67,200, surpassing $70,000 for the first time in May.
TradingView data shows Bitcoin gained over 17% in the last seven days, with the bullish momentum intact. The latest rally launched the top crypto back into the bullish range and closer to the current ATH. Several crypto analysts believe a sustained net inflow rate would inject more bullish momentum into Bitcoin’s uptrend that could see BTC reach a new ATH soon.
Bitcoin traded for $69,826 at the time of writing, following a slight pullback from Tuesday’s $71,958 high. As Bitcoin edges closer to its all-time high, the sustained inflow into ETFs, driven by products like BlackRock’s IBIT, underscores a burgeoning confidence in cryptocurrency investments. With market momentum showing no signs of waning, the coming weeks will be crucial in determining whether Bitcoin can sustain its bullish trajectory and possibly set new records.
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