US Spot Bitcoin ETFs Surpass $30B Cumulative Inflows Amid Market Rally
- Wednesday was the day when the funds overall net asset worth surpassed $100 billion.
- The most significant inflows were $608.41 million into BlackRocks IBIT.
The cumulative total net inflow for U.S. spot bitcoin exchange-traded funds has surpassed $30 billion for the first time since debut in January.
The strong market sentiment that followed former president Trumps re-election has caused the bitcoin ETFs to see increased levels of trading activity and net inflows. Wednesday was the day when the funds overall net asset worth surpassed $100 billion. According to statistics from SoSoValue, the 12 bitcoin ETFs had a net inflow of $1 billion on Thursday, bringing the cumulative total flow to $30.35 billion.
BlackRock Leading the Way
The most significant inflows were $608.41 million into BlackRocks IBIT and $300.95 million into Fidelitys FBTC. Bitwises bitcoin spot fund brought in $68 million, while ARKB, a joint venture between Ark and 21Shares, brought in $17 million. In addition to Grayscales Mini Bitcoin Trust, net inflows were also contributed by VanEck and Franklin Templetons bitcoin ETFs.
The only fund that saw negative flows yesterday was Grayscales GBTC, which had a net outflow of $7.8 million. There was no activity in any of the other four funds for the day. The total value of yesterdays trades in all twelve ETFs was $7.1 billion.
With its unrelenting ascent, Bitcoin has reached new all-time highs and is now targeting the much-anticipated $100,000 price milestone. Its current market value is $98,641, up 1.64% from the previous day as per data from CMC.
Meanwhile, U.S. spot Ethereum ETFs have been seeing negative flows for the last six days, with Thursdays net outflows totaling $9.05 million. Yesterday, a total of $839.64 million was traded across the nine ether ETFs.
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Read more: https://thenewscrypto.com/us-spot-bitcoin-etfs-surpass-30b-cumulative-inflows-amid-market-rally/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
