Bitcoin ETFs Attract $488M as BTC Price Nears Record High

Bitcoin ETFs Attract $488M as BTC Price Nears Record High

Bitcoin ETFBitcoin

By Jakub Lazurek

07 Jun 2024 (about 1 month ago)

2 min read

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Bitcoin ETFs attract $488M in net inflows, propelling BTC price to $71,767 and nearing its all-time high, reflecting renewed investor confidence.

US spot Bitcoin ETFs are experiencing a surge in investor confidence, bucking recent trends. On June 5, 2024, these funds saw a net inflow of $488.24 million, marking 17 consecutive days of positive net flows, a streak tying the record from earlier this year, according to SoSoValue. All 11 spot Bitcoin ETFs reported positive or zero net inflows on Wednesday. Fidelity’s FBTC led with $221 million, followed by Blackrock’s iShares Bitcoin Trust (IBIT) with $155 million, indicating a rising interest in regulated Bitcoin ETFs.

Besides the top ETFs, Ark Invest and 21Shares’ ARKB attracted $71 million, while Bitwise’s BITB gained $19 million. Even Grayscale Bitcoin Trust (GBTC), which operates more like a trust, saw $15 million in net inflows, marking its second straight positive day.

Bitcoin's price recently surged to $71,078, driven by increased net inflows into spot Bitcoin ETFs. The last net outflow from US spot Bitcoin ETFs occurred on May 10, 2024. Since then, outflows have been rare, with only ARK Invest’s ARKB seeing a $100 million outflow on May 30th. Overall, the trend remains positive, with 17 consecutive days of net inflows, matching a record from February.

June 4th saw the second-highest daily net inflow of $886.6 million into spot Bitcoin ETFs, likely propelling Bitcoin's price rise. This momentum continued into Wednesday with $488.1 million in net inflows, further boosting Bitcoin's value.

The steady inflows into ETFs reflect growing interest in regulated Bitcoin investments, signaling market maturity. This trend shows increasing confidence in Bitcoin and greater acceptance of cryptocurrencies in mainstream finance. Major financial institutions like Fidelity and Blackrock's involvement in Bitcoin ETFs adds credibility, attracting more institutional investors and potentially driving prices higher.

In summary, Bitcoin's recent price surge, driven by significant inflows into spot Bitcoin ETFs, highlights renewed market optimism. As Bitcoin nears its all-time high, continuous fund inflows into ETFs reflect growing confidence in the cryptocurrency's potential. With increased institutional adoption and positive market sentiment, Bitcoin's future looks promising, and a new record high seems likely. The rise of Bitcoin ETFs signifies broader acceptance and integration of cryptocurrencies into mainstream finance.

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