Bitcoin ETF Inflows Reach $386 Million as Price Hits $110K
Bitcoin ETF inflows reached $386 million on Monday, driven by institutional optimism as Bitcoin price rose 4% to $110K. Over the past ten days, the Bitcoin ETF market faced selling pressure after significant inflows occurred from mid-April to late May. Meanwhile, Ethereum ETF inflows increased, indicating a capital rotation from Bitcoin to Ethereum.
Key details include:
- Fidelity's FBTC led with inflows of $173 million.
- BlackRock's IBIT followed with $120.9 million in inflows.
BlackRock Bitcoin ETF Milestone
BlackRock's Bitcoin ETF achieved $48.7 billion in inflows and net assets under management exceeding $70 billion, setting a record as the fastest ETF to reach this milestone in just 341 days. This surpassed the previous record held by GLD, which took 1,691 days.
Market sentiment around Bitcoin remains positive, with the funding rate turning positive at 0.0017%, suggesting bullish positioning among traders. Bitcoin’s current price is $110,227, with the next target potentially reaching $125,000 based on trends in the Global M2 Money supply.
Bitcoin funding rate flips in positive territory - Source: Coinglass