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Flows Beget More Flows
We have recently discussed the potential return of crypto being correlated with equities due to the new category of market participants entering the fold. However, price action this week suggests that inflows into the BTC ETFs may be throwing water onto that theory. It seems apparent that, at least in the near-term, that the ETF flows narrative is gaining steam, and it is likely that the continuation of inflows will beget more flows.
BTC ETFs experienced a record-breaking day of net aggregate inflow on Wednesday, amassing nearly $700 million.
The standout among these ETF products was Blackrock's IBIT, which alone accounted for over $600 million in net inflows.
By Thursday morning, the total aggregate inflows had surpassed $7 billion, with IBIT on track to reach the $10 billion mark shortly.
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