According to leading analyst Eric Balchunas, Bitcoin exchange-traded funds (ETFs) are showing staying power.
These products are currently on a 15-day inflow streak, performing on par with some of the top ETFs.
Balchunas has noted that Bitcoin's ability to bounce back with "renewed interest" after several major sell-offs is "rare."
Alex DovbnyaAccording to ETF analyst Nate Geraci, the iShares Bitcoin Trust (IBIT) has now surpassed $20 billion in assets under management. It managed to reach the aforementioned mark in less than five months, which is the current record.
On Monday, spot Bitcoin ETFs attracted $105 million worth of inflows. Fidelity's product was in the lead with $77 million. "Relentless. Thoughts and prayers for the anti-crypto crowd. This has to hurt," Balchunas said while commenting on the recent streak of inflows.
The analyst recently noted that Fidelity's Bitcoin ETF accounts for a staggering 56% of the total flows recorded by the Boston-based financial giant. BlackRock's IBIT also accounts for more than a fourth of all flows recorded by the asset manager.
Even Hong Kong-based spot Bitcoin ETFs are seeing some love from investors, recording $31.73 million worth of inflows on Monday. It is their best day to date. These ETFs started severely underperforming shortly after their much-hyped debut.
It remains to be seen whether the current streak of inflows will make it possible for Bitcoin to reclaim the $70,000 mark.
Meanwhile, analysts are discussing upcoming spot Ethereum ETFs that are yet to start trading in the U.S. However, JPMorgan expects these ETFs to attract lower-than-expected inflows.
Tomiwabold Olajide
Godfrey Benjamin
Mushumir Butt
