US Bitcoin Spot ETFs Record Second Best Day Ever As BTC Price Hits Two-Week High

On June 4, Bitcoin exchange-traded funds (ETFs) in the United States recorded a total inflow of $886.6 million.

These are the highest net inflows the funds have seen since March 12, when a record $1.04 billion was reached. Notably, bitcoin hit an all-time high of $73,679 a day later on March 13.

Fidelity leads with inflows of $378 million

According to data from Farside Investors, Fidelity’s FBTC ETF was in the lead, recording $378 million in inflows. BlackRock’s IBIT followed with $274 million in inflows, while the ARK 21Shares Bitcoin ETF ( ARKB ) was the third best performer with $138.7 million.

Grayscale’s GBTC, known for its large outflows, handled $28 million in inflows, marking only the seventh instance of positive flows since its conversion from a closed-end fund to a cash ETF in January.

GBTC has seen more than $17.8 billion in net outflows, largely due to its high 1.5% management fees and low discount, which caused many holders to exit. According to the Apollo Bitcoin Tracker, Grayscale’s Bitcoin fund initially held 620,000 BTC when the ETFs were launched, but has since dwindled to 285,481 BTC, valued at $20.2 billion.

Meanwhile, Invesco Galaxy, Franklin Templeton, WisdomTree and Hashdex spot Bitcoin ETFs saw no demand on June 4, with each of these issuers reporting no flows.

Bitcoin claims $70,000

As Bitcoin exchange-traded funds (ETFs) in the United States saw considerable demand, BTC surged past $70,000. According to data from CoinGecko, at the time of writing, Bitcoin is trading at just over $71,000, reflecting a 3.1% increase over the past 24 hours.

Bloomberg ETF analyst Eric Balchunas commented on the development, noting Fidelity’s substantial activity. He emphasized the company’s proactive stance, noting that over the past four weeks, there has been a cumulative inflow of $3.3 billion, bringing the year-to-date net to $15 billion. Balchunas further noted that the phenomenon initially described as the “third wave” is now turning into a formidable wave of momentum.

Loyalty goes without saying, massive streams today for The Ten, nearly $1 million in total. The second best day in history, since mid-March. $3.3 million in the last 4 weeks, YTD net at $15 million (which was the high end of our 12 month stay). The “third wave” is becoming a tidal wave. https://t.co/S9yeSHaNbV

— Eric Balchunas (@EricBalchunas) June 5, 2024

Nate Geraci, president of the ETF Store, expressed surprise at the nearly $900 million in inflows, stating, “Five months after launch. I was told several months ago that all investors ‘wanted retail’ that they wanted they had already bought and there was no one left. How can this be?”

The global spot Bitcoin ETF market also recently hit a milestone on May 24, with all ETFs collectively holding more than a million BTC, most of which is allocated to US products between the 32 ETFs available worldwide.

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