Bitcoin exchange-traded funds (ETFs) have experienced a remarkable surge, with a net inflow of $218 million today, marking a historic 18-day streak of consecutive gains in the cryptocurrency market. This surpasses previous records and showcases a growing investor confidence in Bitcoin as a legitimate asset class.
The influx of funds into Bitcoin ETFs is led by prominent players such as BlackRock’s IBIT, which saw a substantial single-day inflow of $350 million. This represents the highest level of investment in the last two months for IBIT, indicating a strong resurgence and a healthy appetite in the market.
While some funds, like Grayscale’s Bitcoin Trust (GBTC), faced outflows after a brief period of inflows, the overall positive trend in Bitcoin ETF investments highlights the diverse strategies and investor sentiments at play in the market.
This unprecedented streak of inflows into Bitcoin ETFs signifies a significant movement towards cryptocurrency within traditional investment portfolios. Analysts predict that continued interest from institutional investors could help stabilize the market and potentially drive up Bitcoin’s price in the coming weeks.