The post Bitcoin ETF Frenzy: $252M Net Inflow As Derivatives Surge! appeared first on Coinpedia Fintech News
On May 24, 2024, Bitcoin ETFs saw a net inflow of $252M, marking the 10th consecutive day of positive inflows. Over the last 10 trading days, U.S. Bitcoin ETFs bought approximately 30,000 $BTC, equivalent to 65 days of Bitcoin supply. Further, the bullish momentum continues, with over 10,000 BTC added in the past two weeks. BlackRock (IBIT) recorded a strong inflow of $182M, while Grayscale (GBTC) had zero flow after two days of small outflows.
In the derivatives market, the funding rate is at 0.00807%, with long positions dominating. Open interest stands at $16.16B, up 0.68%, indicating increased market liquidity. Further, the recent liquidations include $8.07M in long positions and $9.64M in short positions. As the ETF and derivatives market surge, the market anticipation for a bull run is visibly rising.
