GBTC - Spot Bitcoin ETFs Pocket $303M Net Inflows On Wednesday: 'Stars Seem To Be Aligning On This Breakout' Analytics Firm Writes | Benzinga
In a sign of growing institutional interest in Bitcoin (CRYPTO: BTC), US spot Bitcoin ETFs raked in a combined $303 million in net inflows on May 15, with analysts predicting a potential return to its all-time highs.
What Happened: Leading the pack was Fidelity‘s (BATS:FBTC) ETF, which secured a significant $131 million net inflow, according to data from SoSo value.
Bitwise (NYSE:BITB) and Grayscale (OTC:GBTC) followed closely behind with $86.26 million and $27.05 million in net inflows, respectively. The iShares Bitcoin Trust (NASDAQ:IBIT), maybe somewhat surprisingly, saw zero inflows or outflows.
This renewed enthusiasm for Bitcoin coincides with a breakout in risk assets, triggered by lower-than-expected US inflation data.
Crypto analysis firm QCP Capital, anticipates this bullish momentum to propel Bitcoin back above $74,000, its previous peak.
Further bolstering the optimistic outlook is a report from Caixin, ...