ETFs
US Bitcoin ETFs See Massive Inflows, Outpacing Mining Supply
This week, the US spot Bitcoin ETF saw purchases worth nearly five times the amount of Bitcoin mined. As of May 16, these ETFs have gathered 11,188 BTC, with a notable net inflow of $257 million on Thursday alone. Major players like Grayscale, BlackRock and Fidelity also saw significant inflows. In contrast, Hong Kong Bitcoin ETFs saw an outflow of $25 million, highlighting investor apathy. Despite initial enthusiasm, caution prevails among investors in Hong Kong due to China’s uncertain stance on cryptocurrencies.