Spot Bitcoin (BTC) exchange-traded funds have posted their best monthly performance since last fall.
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The dozen U.S.-listed spot Bitcoin exchange-traded funds (ETFs) have registered net inflows of $5.77 billion during the month of May. That’s the highest net inflow observed in U.S. ETFs since last November, according to market data.
Since the stock market bottomed in mid-April of this year, spot Bitcoin ETFs have only experienced net outflows on four days. The rest of the time, money has flowed into the ETFs, led largely by institutional investors that are increasingly gaining exposure to cryptocurrencies.
BlackRock Leads
BlackRock’s (BLK) iShares Bitcoin Trust ETF (IBIT), which is the largest BTC ETF based on assets under management, received the most inflows during May. The surge of inflows into Bitcoin ETFs comes as the price of the largest crypto by market capitalization recently hit an all-time high above $111,000.
After languishing throughout March and April, cryptocurrency prices have surged in May alongside stocks. Bitcoin is currently trading right around $107,500, having gained 17% on the year. Market indicators continue to flash bullish signs for BTC, with some analysts forecasting that the price will reach $130,000 in coming months.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on stablecoins, so we’ll look instead at Bitcoin’s three-month performance. As one can see in the chart below, the price of BTC has risen 27.70% in the last 12 weeks.
