Blackrock’s IBIT recorded the only inflow for the 11 spot Bitcoin ETFs pulling in $344 million.
The Inflow from IBIT offset outflows in other Bitcoin ETF funds leaving the ETFs with a net inflow of $248.7 millionn.
The Bitcoin ETFs witnessed low investor activity recording transactions in only four of the eleven Bitcoin ETFs.
Besides the dip in investor activity, the Bitcoin ETFs have recorded net inflows five days in a row pulling in over $2 billion in the process.
Yesterday, Blackrock’s IBIT led the inflows pulling in $344 million. This was the only inflow for the day.
Grayscale’s GBTC and Bitwise BITB recorded average outflows losing $47.9 million and $34.7 million.
Ark ARKB’s recorded the least outflow for the day losing $13 million.
The remaining 7 Bitcoin ETFs recorded no transactions in an unprecedented day of low investment activity from institutional investors.
Bitcoin Price Analysis
Bitcoin the flagship crypto asset is currently exchanging hands for $105,000 surging by 0.9% in the last 24 hours. Bitcoin hit a new all-time high this week, surpassing the previous all-time high by a few cents.
The crypto asset has been the subject of lots of speculation following Donald Trump’s administration starting on Jan 20.
The anticipation of a strategic Bitcoin reserve in the United States drives the speculation around the asset.
Blackrock’s CEO Larry FINK believes Bitcoin could rise to $700,000 in the coming years.
The Trump administration has not made a significant move towards the launch of a strategic Bitcoin reserve so far.
The SEC under the Acting chairman appointed a Crypto Task force led by former SEC commissioner Hester Pierce.
The task force is tasked with adopting and implementing a crypto regulatory framework for the crypto industry.
