The US-based spot Bitcoin ETFs (exchange-traded funds) have been in scintillating form over the past few weeks, seeing an influx of significant capital during this period. This positive trend should come as no surprise, considering the recent sentiment toward crypto in the United States has never been more optimistic.
As expected, BlackRock’s iShares Bitcoin Trust (with the ticker IBIT) contributed most of the capital seen on Friday, adding $496.75 million in value on the day. The largest Bitcoin ETF by asset under management continues to impress, with a strong portfolio almost nearing $90 billion.
WisdomTree’s Bitcoin Trust (BTCW) was the only other Bitcoin ETF to record a positive inflow day to close the past week. Data from SoSoValue shows that the exchange-traded fund posted a $3.11 million capital inflow on Friday, representing its first activity since the series of withdrawals in late March and April.
Only five other Bitcoin ETFs recorded investor activity on Friday, including Fidelity Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), ARK 21Shares ETF (ARKB), Bitwise Bitcoin ETF (BITB), and VanEck Bitcoin ETF (HODL). Cumulatively, these exchange-traded funds saw a net total of $136.42 million in value withdrawn to close the week.
Another $2-billion performance for the US-based Bitcoin ETFs didn’t happen in isolation, as it was accompanied by a historic week for the Bitcoin price. The price of BTC continued its rally in the past week, reaching as high as $122,800 to form a new all-time high.
As of this writing, the price of Bitcoin is hovering around the $118,000 level, with no significant movement in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by more than 12% in the past month.
