US Bitcoin ETFs saw inflows of $880 million, the highest since March.
U.S. spot Bitcoin exchange-traded funds (ETFs) recorded their second-highest daily inflows ever on Tuesday, bringing in more than $886 million. This is the largest single-day fundraising since March.
New: 🇺🇸 #Bitcoin The ETF saw $886 million in inflows yesterday, its 16th consecutive day of inflows.
We’re back 🙌 pic.twitter.com/Er2KDgXr9E
— Bitcoin Magazine (@BitcoinMagazine) June 5, 2024
The ETF has now seen 16 consecutive 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 with $274.4 million.
In total, spot Bitcoin ETFs hold over $60 billion in BTC. Analysts point to new institutional interest and Bitcoin’s price rally back above $70,000 as the driving force behind the new inflows.
This is the highest daily inflow since March 12, when it hit a record of $1.04 billion. The next day, Bitcoin hit an all-time high of $73,679, demonstrating the potential impact of the inflows.
Grayscale Bitcoin Trust also recorded a rare inflow day of $28.2 million, its seventh since converting to a spot ETF in January. Despite being short on funds all year, I joined my new passion.
The infrastructure for institutional Bitcoin investing continues to mature, with major companies such as Fidelity and the BlackRock spot Bitcoin ETF now holding tens of billions of dollars in assets.
The latest wave of inflows follows recent Bitcoin regulatory fund approvals and listings in Australia, the UK, and Thailand. Bitcoin ETFs are once again attracting capital due to regulatory climate warming globally.
