According to data provided by SoSoValue, Bitcoin exchange-traded funds (ETFs) recorded a total of $329 million worth of inflows on Tuesday, expanding their impressive streak.
Unsurprisingly, BlackRock's iShares Bitcoin Trust (IBIT) accounts for the biggest share of fresh inflows, with $287 million. The Fidelity Wise Origin Bitcoin Fund (FBTC) comes in a very distant second place. It is worth mentioning that there is not a single product in the red, which indicates strong institutional demand.
Over the past five weeks, Bitcoin ETFs have now recorded close to $6.6 billion worth of inflows. According to analytics firm Santiment, this is historically a bullish sign for Bitcoin's price action.
Blackstone, the leading alternative asset manager in the world, recently disclosed its very first IBIT investment earlier this week in a regulatory filing.
On Tuesday, Vetle Lunde of K33 Research noted that the amount of Bitcoin managed by global exchange-traded products (ETPs) has now reached a new peak for the first time since January.
Notably, Ethereum ETFs are also in the green, with a total of $65 million in inflows being recorded on Tuesday. This comes after the flagship altcoin stole the spotlight with a stunning rally earlier this month.
Meanwhile, the Bitcoin price is steadily approaching a new record peak, currently trading at $107,780. The cryptocurrency is a hair's breadth away from surpassing the January lifetime peak of $108,786 amid strong institutional demand.
However, retail investors still appear to be on the sidelines based on a relatively low Google search volume.
Vladislav Sopov
U.Today Editorial Team