On June 4, U.S. spot Bitcoin ETFs saw a substantial influx of $900 million, making it their second most successful day to date. The largest influx occurred on March 12th, totaling $1.04 billion.
The price of Bitcoin exceeded $70,500, suggesting a rising inclination towards cryptocurrency investments among institutional investors. The FBTC ETF from Fidelity got the highest amount of inflows, totaling $378 million. It was followed by the IBIT ETF from BlackRock, which received $274 million in inflows.
The ARK 21Shares Bitcoin ETF (ARKB) managed to collect $138.7 million in inflows. Grayscale’s GBTC had a noteworthy increase of $28 million in inflows, which is an uncommon occurrence since its transition to a spot ETF in January.
Nevertheless, GBTC had a significant decrease in net inflows amounting to $17.8 billion, mostly attributed to elevated management costs and diminished discounts.
Several spot Bitcoin ETFs, including those from Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex, did not get any inflows on June 4. With the increasing demand for U.S. spot Bitcoin ETFs, the price of Bitcoin rose sharply, surpassing $70,000 and reaching over $71,000.
This jump in price represents a 3.1% gain within a 24-hour period. Eric Balchunas, an ETF analyst at Bloomberg, observed that Fidelity has taken a proactive approach, resulting in $3.3 billion in inflows over a four-week period and a net inflow of $15 billion year-to-date.
As of May 24, the total market value of spot Bitcoin ETFs hit a significant achievement, with a combined holding of over one million BTC. The majority of these holdings are in U.S. products, out of a total of 32 worldwide ETFs.
