The latest craze in the world of cryptocurrencies is the top crypto asset known as Bitcoin. Recently, there has been a surge in demand for Bitcoin, with net inflows on the rise. According to SoSoValue, a well-known on-chain data platform, BTC spot ETFs have seen a total of $48.738 million in net inflows on May 31st. This data indicates a strong and steady demand for Bitcoin in the market.
The market for BTC spot ETFs has been experiencing a 14-day streak of inflows, which came to an end on May 31st. SoSoValue also revealed the specific positions of the BTC ETFs, highlighting that BlackRock’s IBIT ETF received an inflow of nearly $169 million. This places BlackRock in a favorable position compared to Grayscale, whose Bitcoin Trust ETF saw an outflow of approximately $124 million. On the other hand, Fidelity, another prominent exchange-traded fund, saw some inflows during this period.
According to SoSoValue, Fidelity’s ETF received around $5.9047 million in inflows. These numbers indicate that BlackRock’s IBIT ETF is gaining momentum and has surpassed Grayscale to become the top-ranked BTC fund in the market.
Tags: BTC, ETF