U.S. Bitcoin ETFs See Massive Inflows, Outpacing Mined Supply
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This week, the U.S. spot Bitcoin ETF saw purchases of nearly five times the amount of Bitcoin mined. By May 16, these ETFs had gathered 11,188 BTC, with a notable net inflow of $257 million on Thursday alone. Major players like Grayscale, BlackRock, and Fidelity also recorded significant inflows. In contrast, Hong Kong Bitcoin ETFs experienced 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.
