US Bitcoin ETFs Saw $880M in Inflows, Highest Since March
U.S. spot Bitcoin exchange-traded funds (ETFs) saw their second-highest daily inflow ever on Tuesday, taking in over $886 million. This marks the largest single-day haul for the funds since March.
NEW: #Bitcoin ETFs saw $886 million in inflows yesterday, the 16th straight day of inflows.
Bitcoin Magazine (@BitcoinMagazine) June 5, 2024
We are so back pic.twitter.com/Er2KDgXr9E
The ETFs have now seen 16 straight days of inflows, sparking talk of a "second wave" of demand. Fidelity's Wise Origin Bitcoin Fund led inflows with $378.7 million, followed by BlackRock's iShares Bitcoin Trust at $274.4 million.
In total, the spot Bitcoin ETFs hold over $60 billion worth of BTC. Analysts cite renewed institutional interest and Bitcoin's price resurgence back above $70,000 as drivers of the latest wave of inflows.
It's the highest daily intake for the funds since March 12, when they took in a record $1.04 billion. The next day, Bitcoin went on to hit an all-time high of $73,679, showing the potential impact of the inflows.
The Grayscale Bitcoin Trust also saw a rare inflow day of $28.2 million, just the seventh since converting to a spot ETF in January. It joins the renewed enthusiasm despite bleeding funds for most of the year.
With major firms like Fidelity and BlackRock spot Bitcoin ETFs now holding tens of billions in assets, the infrastructure for institutional Bitcoin investment continues maturing.
The latest inflow wave follows Australia, the U.K., and Thailand's recent approval and listing of Bitcoin-regulated funds. With the regulatory climate warming worldwide, Bitcoin ETFs are attracting capital once again.
Read more: https://bitcoinmagazine.com/business/us-bitcoin-etfs-saw-880m-in-inflows-highest-since-march
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