BlackRock’s Spot Bitcoin ETF Sees Biggest Inflows Since April as BTC Hovers at $70K

• BlackRock’s IBIT product recorded a significant inflow of more than $290 million on Tuesday, marking its largest single-day inflow this month and since April.

• Overall, ETFs saw nearly $300 million in net inflows on Tuesday, with Grayscale’s GBTC showing a five-day streak of inflows.

A popular bitcoin {{BTC}} exchange-traded fund (ETF) in the US is seeing intensified activity once again after a relatively weak few weeks, as bitcoin trades above the $70,000 level for the first time in a month.

BlackRock’s IBIT product saw more than $290 million in inflows on Tuesday, preliminary data published by Distant Investor Programs, recording its largest single-day inflow so far this month and the largest since April 5. The numbers were nearly triple the previous monthly high of $93 million on May 16.

IBIT’s total holdings have now increased to over $19 billion, your product page show.

Tuesday’s numbers now stand out as unusually large compared to activity earlier this month, where IBIT recorded low or even zero inflows prior to May 15. IBIT also recorded its first day of outflows in April, leading to some bearish sentiment for bitcoin at the time. , as reported.

However, the increased activity this week comes with hopes that an ether (ETH) spot ETF will be approved for trading in the US and a positive outlook for cryptocurrencies from Donald Trump’s ongoing presidential campaign.

Meanwhile, Grayscale’s GBTC extended a four-day streak of no net outflows, putting a temporary pause on what has been one of the biggest losers since the products launched in January.

Overall, ETFs received nearly $300 million in net inflows on Tuesday. Just Bitwise’s BITB and VanEck’s HODL saw outflows of $4 million and $5 million, respectively.

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