As the crypto community awaits approval for spot Ethereum ETFs, institutional investors are steadily increasing their investments in Bitcoin ETFs. On May 22, U.S. spot Bitcoin ETFs saw their eighth day in a row of positive inflows.

BlackRock Set to Surpass Grayscale

On May 22, the net inflow for Bitcoin spot ETFs hit $154 million, marking an eight-day streak of gains according to Farside Investors. While Grayscale's GBTC ETF faced an outflow of $16.0914 million, BlackRock's IBIT ETF enjoyed a significant inflow of $91.9527 million. Fidelity's FBTC ETF also recorded an inflow of $74.572 million on the same day.

With this surge, BlackRock is on track to surpass Grayscale's GBTC as the leading Bitcoin ETF by assets under management. Meanwhile, Bitcoin ETFs collectively have accumulated over 850,000 Bitcoins, with global ETFs nearing the one million BTC mark.

Rising Demand for Bitcoin ETFs Globally

On May 22, WisdomTree, a major global asset manager, celebrated a significant achievement in cryptocurrency investments. The company announced that it received approval from the U.K. Financial Conduct Authority (FCA) to launch Exchange-Traded Products (ETPs) for Bitcoin and Ethereum on the London Stock Exchange (LSE).

Bloomberg's Eric Balchunas pointed out that only physically backed Bitcoin ETFs are permitted, with two from WisdomTree starting trading first. A retail ban remains, highlighting the complex regulations around these products.

Glassnode analytics indicated that the Bitcoin market has recently seen reduced selling pressure and lower volatility, suggesting a potential major market shift despite modest capital inflows.

In conclusion, BlackRock is on the cusp of becoming the largest Bitcoin ETF provider, signaling growing institutional interest and global demand for Bitcoin investment products. This trend underscores the evolving landscape of cryptocurrency investments and the significant milestones being reached.