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Bitcoin Crosses $71K as BTC ETFs See $880M Inflows in Best Day Since March

Jun 4, 2024
    U.S.-listed spot bitcoin ETFs saw over $880 million in inflows on Tuesday, led by Fidelity’s FBTC.Bitcoin rose over $71,000 in Asian trading hours, adding 3% in the past 24 hours, with the CoinDesk 20 index rising 2.65%.
As a seasoned crypto investor, I’ve witnessed my fair share of market fluctuations, and Tuesday’s events were nothing short of remarkable. The massive inflows into U.S.-listed spot bitcoin ETFs, led by Fidelity’s FBTC with an impressive $378 million, was a clear sign of renewed investor confidence in the digital asset class.As a market analyst, I’ve examined the recent trends in U.S.-listed Bitcoin Exchange-Traded Funds (ETFs). On Tuesday, there were over $880 million worth of inflows reported. Among the significant contributors to this surge was Fidelity, according to preliminary data disclosed on Wednesday.

In Asian trading sessions, Bitcoin’s value surpassed $71,000 after public data release, representing a 3% increase in the previous 24 hours. The CoinDesk 20 Index, which comprises the largest cryptocurrencies, experienced a growth of 2.65%.

Among their competitors, Fidelity’s FBTC recorded the largest inflow at $378 million. BlackRock’s IBIT came in second with $270 million, while Grayscale’s GBTC, known for its outflows, saw only $28 million in new investments.

Today’s inflow was the largest since March and the second most significant since the launch of 11 bitcoin ETFs in January.

Lately, there’s been an increase in incoming investment activity, fueled by optimistic market feelings following several weak weeks from mid-April to early May. During this timeframe, some days experienced no new investments at all, and even major ETFs like BlackRock’s IBIT witnessed outflows.

According to Eric Balchunas, an analyst at Bloomberg, these ETFs have seen inflows totaling $3.3 billion over the last month. Their current year-to-date assets now surpass $15 billion.

After the approval of the ETH (Ether) spot Exchange-Traded Fund (ETF) for listing in the United States a few weeks ago, as well as the favorable cryptocurrency stance during the current U.S. presidential campaign, there has been an increase in activity.

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2024-06-05 08:31