Source: CoinglassBlackRock’s iShares Bitcoin Trust (IBIT) is the industry leader, having seen almost $2.5 billion in inflows over the past five trading days and a streak of 17 days without an outflow. Related: BlackRock Bitcoin ETF buys $970M in BTC as inflows surge, boost market“Spot Bitcoin ETFs have surged into a nearly $110 billion category, despite facing significant distribution hurdles,” said ETF Store president Nate Geraci in a blog post on May 3. He added that many wealth management platforms still restrict or prohibit financial advisers and brokers from recommending or providing access to Bitcoin ETPs. “That’s why I’ve said spot bitcoin ETFs are operating with one hand tied behind their backs.
This accumulation by institutions and ETF issuers represents almost six times the amount of the asset being produced since miners only generate 450 coins per day. The total inflow for the past five trading days was around $1.8 billion, with a net outflow on April 30, according to Farside Investors.
The issuer filed for a spot Litecoin ETF alongside a spot XRP ETF in October. “If any asset has a chance of early approval, it’s Litecoin IMO,” said Bloomberg ETF analyst James Seyffart on May 5.“Personally think a delay is more likely,” he added.
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Author / Journalist: Cointelegraph by Martin Young
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