Bitcoin ETFs see no new investments, leading to drop in Bitcoin price
Spot Bitcoin exchange-traded funds (ETFs) in the United States have experienced no net inflows for the fourth time since their launch in January, according to data from Farside Investors. On May 27, Bitcoin ETFs remained stagnant while the broader crypto market underwent a correction. Interestingly, this is also the first time in the past two weeks that Bitcoin ETFs have seen no inflows. However, between May 13 and 24, the BTC ETFs saw over $2 billion in net inflows. In the first two weeks of this month, the total net inflows reached $1.3 billion, offsetting the outflows of April. Eric Balchunas, a Senior ETF Analyst at Bloomberg, stated on May 17 that investors should not be concerned about short-term outflows in the ETF market, as BTC ETFs will ultimately yield positive long-term returns. Additionally, MicroStrategy founder Michael Saylor revealed on May 27 that spot BTC ETFs now hold over 1 million BTC across 32 investment products, accounting for approximately 5% of the circulating supply. BlackRock currently holds the highest amount of BTC in its ETF, with 287,168 as of May 24. It’s worth noting that GBTC shares are excluded from this list. Following the $0 net inflows of the spot ETFs, Bitcoin experienced a 1.24% drop and is currently trading at $67,900. It’s important to mention that BTC briefly reached an intraday high of approximately $70,590 at around 17:25 UTC on May 27.
