US Bitcoin ETFs Continue Winning Streak, Adding Another $1.8 Billion In Weekly Inflows ⋆ ZyCrypto

Investors poured nearly $2 billion into spot Bitcoin exchange-traded funds (ETFs) in the U.S. last week, extending their streak of positive weekly inflows that began on April 17.

Whopping $1.8 Billion Scooped Up By ETFs

The total inflow for the U.S.-based Bitcoin ETFs for the past five trading days was around $1.81 billion. Thursday and Friday were particularly successful for the funds, with the two days registering $423 million and $675 million, respectively, according to Farside Investors data.

Last week’s accumulation followed a jump in BTC spot prices in early May when the asset gained 4% to hit a six-week high of nearly $98,000 on May 2. However, the asset has since retreated to the $94,000 zone, which is the same price it traded at this time seven days ago. 

With spot Bitcoin ETFs gaining huge traction in the recent past, prestigious universities are also rushing to get a piece of the BTC pie. Brown University, for instance, recently reported holding roughly $5 million worth of shares in BlackRock’s spot BTC ETF. IBIT, currently the largest spot Bitcoin fund with nearly $60 billion in assets under management, saw $675 million in net inflows on Friday, pushing its cumulative inflows to $43 billion. 

BTC ETF Flows ‘Are Back In A Big Way’

Meanwhile, BlackRock’s Head of Digital Assets, Robert Mitchnick, has suggested that Bitcoin ETF inflows “are back in a big way.”

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Speaking in a panel discussion at Token2049 Dubai last week, Mitchnick noted that institutions and advisory firms are accounting for an increasingly big share of total BTC ETF flows, whilst retail customers, including high-net-worth individuals were active when the investment products first debuted.

“At the outset, it certainly was predominantly retail,” he said. “But then you also have the two other segments that are really important here, which is wealth advisory and institutional.”

The exec also suggested that the attraction of Bitcoin ETFs was tied to how BTC has been increasingly behaving like a safe haven, or a hedge that’s not tied to the monetary risks of any particular country.