The US Spot Bitcoin ETF was helped by easing concerns about the trade war after recording a strong influx in the third week, signing the US contracts with key partners and consulting with the Chinese president to improve relations, as investors were kept high.
According to SoSovalue data, the 12-spot Bitcoin ETF dates back to May 5-9, bringing $921 million. In particular, these investment products have been in strong inflows for the third consecutive week, bringing nearly $5.8 billion.
BlackRock’s IBIT once again led the pack, bringing over $1 billion last week, according to Farside Data. It is currently riding on a 19-day inflow streak, with over $5 billion added to its assets, making it the longest-lasting for any spot Bitcoin ETF this year.
Fidelity’s FBTC and ARKB of ARK 21Shares respectively became butterflies with low profits, adding $62.4 million and $45.6 million, respectively.
However, three funds, namely Grayscale’s GBTC, Bitwise’s BITB, Franklin Templeton’s EZBC, and Vaneck’s Hodl, recorded a total outflow of $227.4 million. The remaining BTC ETFs saw zero flow over the period.
You might like it too: Among the “substantial advances” in US-China trade lectures, Bitcoin’s eye is the highest ever
Following Friday’s inflow, the total net inflow into these investment vehicles since the release date was $411.6 billion.
Much of this fresh momentum is related to macro development. US President Donald Trump has announced a trade agreement with the UK and has pledged to roll back British automobile, aluminum and steel tariffs. In return, the UK will open a market for more American exports, including beef, ethanol and soft drinks.
Consultations with China have also returned to the table, which was a great relief for global investors.
Once geopolitical stress was eased, Bitcoin (BTC) was once again destroyed over $100,000, climbing to around $104,000 at the time of writing. It’s currently the highest ever 4.5% off since January.
Risk-on sentiment is back, with the Crypto Fear & Greed Index at 70, firmly appearing in the “greed” realm from last week’s neutral measurements.
Analysts believe the rally is partly in a strong capital flow. According to Ki Young Ju, founder of Cryptoquant, Bitcoin’s current gatherings are being driven by a consistent influx of ETFs along with increased institutional and government participation.
Despite strong demand for BTC ETFs, their Ethereum counterparts had a bearish week, recording three days of outflow and one day of inflow. The nine-spot Ethereum ETF fund has recorded a combination of $38.15 million net outflows over that period.
read more: Will Bitcoin price reach $110,000 as the Crypto Fear and Greed Index turn green?
