Bitcoin ETFs Continue Positive Run, Pulling in $1.8 Billion Last Week

U.S.-based Bitcoin ETFs attracted over $1.8 billion in inflows final week, extending a optimistic run that started on April 17, in line with data from CoinGlass.

Thursday and Friday had been significantly profitable for Bitcoin ETFs, with the 2 days bringing in $423 million and $675 million, respectively.

Friday’s complete was the seventh-highest of the 12 months, whereas data from CoinShares exhibits that BTC ETF inflows outstripped their Ethereum counterparts by an element of greater than 10:1.

CoinShares’ Digital Asset Fund Flows report additionally information that BlackRock’s iShares ETF was final week’s massive winner, with a complete of $2.56 billion in internet flows.

Against this, a number of rivals suffered massive weekly outflows, led by the Ark 21Shares Bitcoin ETF, which shrank by $458 million.

Robust flows for Bitcoin ETFs have come at a time when gold ETFs have been seeing outflows, as traders increasingly turn to Bitcoin as a hedge towards U.S.-based belongings.

Between April 28 and Might 2, gold ETFs noticed a complete outflow of $1,941 billion.

This quantities to a $3.7 billion hole between flows for Bitcoin and gold ETFs, just like the $4 billion hole witnessed within the earlier week.

Flows “again in an enormous method”

Talking on a panel at Token2049 Dubai final week, BlackRock’s Robert Mitchnick said that Bitcoin ETF flows “are again in an enormous method.”

Mitchnick added that establishments and advisory corporations are accounting for an more and more giant share of complete BTC ETF flows, whereas high-net-worth people had been extra predominant when ETFs first launched.

On the outset, it actually was predominantly retail,” he mentioned. “However you then even have the 2 different segments which are actually essential right here, which is wealth advisory and institutional.”

BlackRock’s Head of Digital Property additionally advised that the attraction of Bitcoin ETFs was tied to how BTC has been more and more behaving like a protected haven, or a hedge that’s not correlated to the financial dangers arising from any specific nation.

This could play into the notion that BTC has been benefitting from a flight away from U.S. belongings, with treasury yields rising in recent weeks in response to the Trump administration’s stop-start campaign on tariffs.

And whereas Bitcoin has been profiting on the expense of U.S. authorities bonds (and not too long ago gold), it has additionally been increasing its dominance of the cryptocurrency market.

The BTC dominance ratio at present sits at its highest degree in 4 years, as main altcoins corresponding to Ethereum, Solana and Dogecoin stay nicely under highs recorded in January.

The doable approval of ETFs for the likes of XRP and Dogecoin later within the 12 months could assist rectify this imbalance, but the latest expertise of Ethereum—which already has lively ETFs within the US—arguably suggests in any other case.

As famous above, Bitcoin ETF inflows far outstripped these for Ethereum ETFs final week, with CoinGlass’ Digital Asset Fund Flows report exhibiting that the latter attracted a comparatively modest $149.2 million in internet flows.