7 Basic Materials Stocks to Buy to Anchor Your Portfolio

The movement of basic materials stocks requires investors to keep a keen eye on the state of the economy to determine profitability. Raw materials such as plastic, steel, and lumber will always be in demand. Here are 7 stocks to take advantage of the growing demand!

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Spot Bitcoin ETFs See $100M Inflows On Wednesday Amid Institutional Adoption

Murtuza Merchant
May 15, 2024

Bitcoin spot exchange-traded funds (ETFs) continued to attract investor interest on May 14, with total net inflows into these funds reached $100.5 million, highlighting ongoing demand for direct exposure to Bitcoin (CRYPTO: BTC).

What Happened: This positive inflow comes despite a single-day net outflow of $50.93 million from Grayscale‘s industry-leading Bitcoin Investment Trust (OTC:GBTC), according to data from SoSoValue.

However, this outflow was offset by a significant net inflow of $133 million into Ark Invest and 21Shares‘ (BATS:ARKB) ETF. The total net asset value of all Bitcoin spot ETFs currently sits at $50.987 billion.

Institutional Interest On The Rise

The growing popularity of Bitcoin spot ETFs is further bolstered by recent SEC filings revealing the Wisconsin Investment Commission’s holdings.

This influential agency, established in 1951 to manage Wisconsin’s public pension and trust funds, currently holds $99 million in BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT).

This significant investment by a major state agency underscores the growing institutional interest in Bitcoin as a legitimate asset class.

Also Read: Wisconsin Invests Nearly $100M In BlackRock’s Spot Bitcoin ETF

Analyst Sees Future Inflows

Bloomberg analyst Eric Balchunas adds another layer of optimism to the Bitcoin spot ETF landscape.

While acknowledging the potential wait for larger institutions to follow suit, Balchunas highlights that the Wisconsin Investment Commission also holds $64 million in Grayscale GBTC.

This diversification strategy suggests a broader institutional embrace of Bitcoin exposure, potentially leading to a wave of new entrants in the near future.

Looking Ahead: Benzinga’s Future Of Digital Assets Event

With institutional adoption on the rise and investor appetite for Bitcoin spot ETFs remaining strong, the future of digital assets appears bright. For those seeking deeper insights into this evolving market, Benzinga’s Future of Digital Assets event, taking place on Nov. 19.

Read Next: Dutch Court Sentences Tornado Cash Developer To 64 Months For Money Laundering

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