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Spot Bitcoin Exchange-Traded Funds (ETFs) experienced a massive wave of capital on Thursday.
According to data tracking the nascent market, the sector recorded total daily net inflows of $131.30 million, reversing recent outflows and signaling renewed institutional appetite for the flagship cryptocurrency.
BlackRock leads the charge
The lion's share of Tuesday's capital influx was captured by BlackRock. The asset management giant's iShares Bitcoin Trust (IBIT) alone accounted for an impressive $144 million in net inflows. This massive purchase by BlackRock offset minor outflows seen in other funds, resulting in the overall net positive day for the sector.
As of May 15, IBIT remains the dominant force in the spot Bitcoin ETF market, commanding over $64 billion in Assets Under Management (AUM) and generating over $2 billion in daily trading volume. Fidelity's Wise Origin Bitcoin Fund (FBTC) remains a distant second, with approximately $14.16 billion in AUM.
Currently, the total net assets held across all spot Bitcoin ETFs stand at a staggering $105.51 billion, representing a cumulative total net inflow of $59.06 billion since the products launched in early 2024.
Ether funds bleed
Bitcoin ETFs are enjoying a resurgence of fresh capital, but the same cannot be said for their Ethereum counterparts. On the same day that Bitcoin funds pulled in over $130 million, spot Ethereum ETFs experienced total net outflows of $5.65 million.
This marks the fourth consecutive day of net outflows for Ether-based funds.
The contrasting fortunes between the two major crypto assets suggest that traditional market investors are currently heavily favoring Bitcoin as their primary digital asset exposure vehicle, while expressing hesitancy toward Ethereum's current market position.
Dan Burgin
U.Today Editorial Team
