The 11 Bitcoin ETFs recorded their worst day of trading yesterday pulling in only $18.4 million.
The Bitcoin ETFs witnessed abysmal investor activity, with transactions occurring in only two ETF products out of the existing eleven.
The drop in trading activity follows heavy days of inflow and Outflows in the ETF, making yesterday’s poor outing an outlier in the turn of events.
Farside Investor’s UK revealed that Blackrock’s IBIT recorded the only inflow for the day, pulling in $30.1 million.
The inflow by Blackrock was partly offset by an $11.7 million outflow on Ark 21 shares ARKB.
This leaves the Bitcoin ETFs with a net inflow of $18.4 million for the day.
This is the lowest figure recorded by the Bitcoin ETFs for the year tallying with the extreme pattern recorded by both Bitcoin and Ethereum ETFs since the turn of this year.
Bitcoin is down by 0.5% in the last 24 hours exchanging hands for $101,985. The primary crypto asset is up by 3.0% in the past 14 days and 5.4% on a 60-day scale.
Growing institutional adoption of Bitcoin by corporate entities and countries is predicted to drive up the price of Bitcoin to as high as $500,000 this year according the Bitwise CIO Matt Hougan.
The United States is yet to launch a strategic Bitcoin reserve as perceived by the general public. An SBR by the US will serve as a global catalyst for increased adoption of the asset driving up its demand and subsequently its price.
