TLDR
- U.S. spot Bitcoin ETFs saw a massive $886 million inflow on June 4, marking the second-largest single-day net inflow in their history.
- This surge in institutional investment pushed Bitcoin’s price above $71,000, hitting a two-week high.
- Fidelity’s FBTC ETF led the inflows with $378 million, followed by BlackRock’s IBIT ($274 million) and ARK’s ARKB ($138.7 million).
- The overall market for spot Bitcoin ETFs recently crossed a milestone, collectively holding over 1 million BTC.
- Experts view the increased ETF inflows as a positive sign of growing institutional adoption and bullish sentiment in the crypto market.
In a significant development for the cryptocurrency market, U.S. spot Bitcoin exchange-traded funds (ETFs) witnessed a massive influx of institutional investment on June 4.
According to data from various sources, these ETFs recorded a staggering net inflow of $886.6 million, marking the second-largest single-day net inflow in their history.
This surge in institutional investment had an immediate impact on the price of Bitcoin (BTC), propelling it past the $71,000 mark and hitting a two-week high during peak trading hours in Asia.
The cryptocurrency’s value experienced a robust 3% increase within a 24-hour period, reflecting the growing institutional interest and bullish sentiment surrounding digital assets.
Leading the charge among the U.S. spot Bitcoin ETFs was Fidelity’s FBTC ETF, which attracted a remarkable $378 million in inflows. BlackRock’s IBIT followed closely with $274 million, while the ARK 21Shares Bitcoin ETF (ARKB) secured $138.7 million in investments.
Grayscale’s GBTC, known for its significant outflows in the past, managed to record $28 million in inflows, marking a positive trend for the fund.
The recent surge in ETF inflows can be attributed to several factors, including positive market trends and optimism surrounding the ongoing U.S.presidential campaign.
Additionally, the recent approval of an ether (ETH) spot ETF in the United States has further fueled investor confidence in the cryptocurrency market.
Experts and analysts have highlighted the significance of this development, with Bloomberg ETF analyst Eric Balchunas noting that the ETFs have accumulated $3.3 billion in recent weeks, pushing the year-to-date net inflows to over $15 billion.
This increased activity is seen as a formidable tidal wave of momentum, indicating a shift in investor sentiment towards digital assets.
The overall market for spot Bitcoin ETFs has also achieved a significant milestone, with all ETFs collectively holding over 1 million BTC.
This milestone underscores the growing institutional adoption and acceptance of cryptocurrencies as a legitimate asset class.
