2024

Bitcoin

Time

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>The total net inflows in Bitcoin ETFs were of $252 million on May 24.</li> 
 <li>BTC is now trading above $68k.</li> 
</ul> 
<p>According to the latest reports coming from <a href="https://sosovalue.xyz/assets/etf/us-btc-spot" rel="nofollow noopener" target="_blank">SoSoValue</a>, Bitcoin ETFs recorded inflows of $252 million on May 24, making this the tenth consecutive day in which the crypto products saw inflows.</p> 
<p>Here are the net inflows for the previous day, according to official data:</p> 
<ul> 
 <li>BlackRock’s Bitcoin ETF, IBIT, recorded inflows of $182 million.</li> 
 <li>Fidelity’s Bitcoin ETF, FBTC, saw inflows of $44 million.</li> 
 <li>ArkInvest and 21Shares’ Bitcoin ETF, ARKB, recorded inflows of $4 million.</li> 
 <li>Bitwise’s Bitcoin ETF, BITB, saw inflows of $6 million.</li> 
 <li>VanEck’s Bitcoin ETF, HODL, recorded inflows of $16 million.</li> 
</ul> 
<p>The other crypto products did not see any inflows or outflows the other day, according to SoSoValue.</p> 
<figure id="attachment_43275" aria-describedby="caption-attachment-43275" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/05/Untitled.png"><img loading="lazy" decoding="async" class="wp-image-43275 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/05/Untitled.png" alt="SoSoValue Data" width="1646" height="696" title="Bitcoin ETFs Recorded $252M Inflows, BTC Above $68k 12" srcset="https://crypto.ro/en/wp-content/uploads/2024/05/Untitled.png 1200w, https://crypto.ro/en/wp-content/uploads/2024/05/Untitled-300x127.png 300w, https://crypto.ro/en/wp-content/uploads/2024/05/Untitled-1024x433.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/05/Untitled-768x325.png 768w, https://crypto.ro/en/wp-content/uploads/2024/05/Untitled-750x317.png 750w, https://crypto.ro/en/wp-content/uploads/2024/05/Untitled-1140x482.png 1140w" sizes="(max-width: 1646px) 100vw, 1646px"></a>
 <figcaption id="caption-attachment-43275" class="wp-caption-text">
  SoSoValue Data
 </figcaption>
</figure> 
<p>The total net asset value of the Bitcoin ETFs was $59 billion, according to the same data.</p> 
<h2 id="btc-is-trading-above-68k">BTC is trading above $68k</h2> 
<p>At the moment of writing this article, BTC is trading above the important mark of $68,000 and the coin is up by over 2% in the past 24 hours.</p> 
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<p>Earlier today, BTC reached prices over $69,200, before the coin slightly dropped below the $69,000 level.</p> 
<p>Bitcoin has been recently surrounded by <a href="https://crypto.ro/en/news/bitcoin-traders-predict-false-drop-foresee-impending-price-surge/">optimistic</a> price predicitons. For instance, <a href="https://x.com/woonomic/status/1793207316281782637" rel="nofollow" target="_blank">Willy Woo</a> said that if BTC holds its price near current levels, we might be able to see <a href="https://x.com/woonomic/status/1792786500926722103" rel="nofollow" target="_blank">new ATHs</a> for the coin soon.</p> 
<p>He also highlighted that after a break of ATH, the price of the coin is expected to move violently relative to capital inflows, driving up risk – this is where most of the fast gains happen.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Where we sit in the zoomed out picture…</p> 
 <p>After a break of ATH, price is expected to move violently relative to capital inflows, driving up risk. That’s where most of the fast gains happen. <a href="https://t.co/HFR1nMrS6u" rel="nofollow" target="_blank">pic.twitter.com/HFR1nMrS6u</a></p> 
 <p>— Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1792786506744287693?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 21, 2024</a></p>
</blockquote> 
<p>BTC began a bullish rally during the past week, following the refreshing <a href="https://crypto.ro/en/news/bitcoin-above-63k-following-todays-cpi-report/">CPI report</a> on May 15 that showed an eased inflation of 3.4% for April.</p> 
<p>Also, new proposals regarding the Bitcoin network<a href="https://crypto.ro/en/news/bitcoin-devs-network-programmability-is-the-next-btc-rally-trigger/"> programmability</a> are seen by developers as potential new catalysts for the coin’s price.</p> 
<p>The FIT21 bill, aimed at setting legal rules for the digital asset industry, has been<a href="https://crypto.ro/en/news/bitcoin-etfs-surge-ahead-as-house-approves-fit21-bill/">&nbsp;passed</a> by the U.S. House of Representatives, and the move also triggered moves upwards for BTC and an overall positive sentiment for the crypto market.</p>

Bitcoin ETFs Recorded $252M Inflows, BTC Above $68k

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