Spot Bitcoin ETFs See Straight 9 Days of Inflows

U.S. spot bitcoin ETFs continue their hot streak, recording $107.91 million in inflows on Thursday for their 9th straight day of gains. This marks the longest inflows since mid-March, when the products saw 10 consecutive positive days.

The appetite for spot bitcoin ETFs reflects their massive success since launching earlier this year. The SEC approved the first spot bitcoin ETFs in January, and products from heavyweights like BlackRock, Fidelity, and others quickly garnered billions in assets.

BlackRock's iShares Bitcoin Trust (IBIT) led inflows on Thursday with $89 million. Next was Fidelity's Wise Origin Bitcoin Trust (FBTC) at $19 million, followed by $9.5 million into VanEck's fund. 

Meanwhile, the Grayscale Bitcoin Trust (GBTC) saw a $14 million outflow, extending its loss streak as investors pivot to other spot ETFs with less fees. 

BlackRock is set to take over GBTC management, as its IBIT has rapidly become the leader among spot Bitcoin ETFs.  It sits at nearly $20 billion after just 4 months, while it takes the average ETF years to reach that milestone. IBIT is now only $300 million behind GBTC in inflows to become the biggest Spot Bitcoin ETF.

This week, the U.K. also approved Bitcoin ETPs to be listed in London, further validating Bitcoin as an institutional asset class. If the current momentum continues, Bitcoin could be on track to finish May on a high note.