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Bitcoin ETFs attract almost $500M in net inflows, propelling BTC price to $71,767 and nearing its all-time high

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Bitcoin ETFs attract almost $500M in net inflows

Investor trust in US spot Bitcoin ETFs has significantly increased, as seen by 17 consecutive days of positive net flows.

Fidelity’s FBTC was the top performer, generating $221 million, while Blackrock’s iShares Bitcoin Trust (IBIT) came in second with $155 million.

Ark Invest and 21Shares’ ARKB ETFs received $71 million in investments, Bitwise’s BITB ETF got $19 million, and Grayscale Bitcoin Trust (GBTC) had $15 million in net inflows. The price of Bitcoin has lately seen a significant spike, reaching $71,078.

This jump may be attributed to the rise in net inflows into spot Bitcoin ETFs. The most recent occurrence of net outflow from US spot Bitcoin ETFs took place on May 10, 2024, and since then, there have been few instances of outflows.

The consistent influx of funds into ETFs indicates an increasing desire for regulated Bitcoin investments, which suggests the development of a more mature market. This trend indicates a growing belief in Bitcoin and a higher level of approval for cryptocurrencies in the mainstream financial sector.

The participation of prominent financial firms like as Fidelity and Blackrock in Bitcoin ETFs enhances trustworthiness, drawing the interest of other institutional investors and perhaps causing prices to rise.

To summarize, the recent increase in the price of Bitcoin, which was fueled by substantial investments in spot Bitcoin ETFs, demonstrates a renewed sense of confidence in the market.

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James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.