Ah, the grand spectacle of our times! The US-based spot Bitcoin exchange-traded funds (ETFs), those shimmering vessels of hope and despair, have amassed a staggering $2.75 billion in inflows this week, as if the very heavens conspired to elevate Bitcoin beyond its January all-time high of $109,000. What a curious dance of numbers and fortunes!
Indeed, this $2.75 billion inflow is nearly 4.5 times the paltry $608 million that graced the coffers of the spot Bitcoin (BTC) ETF the week prior, according to the ever-watchful Farside data. One cannot help but chuckle at the absurdity of it all! 😂
BlackRock Bitcoin ETF: The Unyielding Streak of Fortune
On the fateful day of May 23, the final curtain of the trading week fell, revealing that spot Bitcoin ETFs had recorded $211.7 million in inflows. Yet, lo and behold! BlackRock’s IBIT stood alone, a solitary beacon of prosperity, adding $430.8 million and extending its inflow streak to an astonishing eight consecutive days. How delightful! 🎉
Meanwhile, Grayscale’s GBTC, the harbinger of misfortune, led the outflows with a lamentable $89.2 million, closely followed by ARK 21Shares’ ARKB, which suffered a similar fate with $73.9 million. Oh, the irony of it all!
Just two days prior, on May 21, the Bitcoin ETFs basked in the glow of $607.1 million in inflows, coinciding with Bitcoin’s triumphant leap over the $109,000 threshold. The very next day, Bitcoin, in a fit of exuberance, reached a new all-time high of $111,970. Such heights! Such folly!
As of this moment, Bitcoin trades at a modest $108,141, according to the ever-reliable CoinMarketCap data. One must wonder, is this a sign of stability or merely a prelude to chaos? 🤔
Alas, Bitcoin’s slight price decline over the past 24 hours has been accompanied by a palpable decline in crypto market sentiment, as reported by the Crypto Fear & Greed Index. The Index, that fickle mistress of emotions, now reads a “Greed” score of 66, down 12 points from its previous “Extreme Score” of 78. How quickly the tides turn!
CryptoMoon, in its infinite wisdom, has proclaimed that spot Bitcoin ETFs are on the verge of potentially surpassing their monthly inflow record of $6.49 billion from November 2024. Thus far in May, these ETFs have accumulated approximately $5.39 billion, with five trading days still lingering like a half-remembered dream.
Meanwhile, several analysts, those sages of the digital realm, have suggested that Bitcoin shows no signs of overheating, despite its recent ascension to new heights. They point to fundamentals that whisper of further rises, as if the very fabric of reality bends to the will of this digital gold.
CryptoQuant analyst, the ever-astute Crypto Dan, remarked on May 22, “Overheating indicators such as the funding rate and short-term capital inflow remain low compared to previous peaks, and profit-taking by short-term investors is limited.” Ah, the sweet scent of optimism! Or is it merely a mirage? 🌫️
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2025-05-24 08:36