Bitcoin ETF ranked second with inflows of $887 million.
U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded their second-highest net inflow day ever, at $887 million.
According to data from Farside Investors and I did.
ARK 21Shares Bitcoin ETF (ARKB) was the third best performer, with net inflows of more than $138 million.
Grayscale Bitcoin Trust (GBTC) recorded a rare inflow day with $28.2 million, its seventh inflow since converting from a closed-end fund to a cash ETF in January.
This is the highest net inflow since March 12, when the fund received a record $1.04 billion. Bitcoin reached an all-time high of $73,679 a day later, on March 13th.
ETF Store President Nate Geraci responded to Bitcoin critics on X, arguing that there would be little demand for a Bitcoin ETF.
“I was told a few months ago that all the ‘degen retail’ investors who wanted to buy had done so (and) there was no one left,” Geraci wrote. “How can this be?”
“The data is getting increasingly brutal for the orange poker chip crowd and Paul Krugman followers,” Bloomberg ETF analyst Eric Balchunas said in response to Geraci.
Related: Bitcoin investment inflows have reached $1 billion as long-term holders accumulate.
Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex saw no demand, with each issuer recording no flows on June 4.
However, Grayscale Bitcoin Trust (GBTC) saw a rare inflow day with $28.2 million. This marks the seventh time GBTC has seen inflows since it converted to spot form nearly five months ago.
GBTC’s massive outflow is mainly due to its high management fee of 1.5%.
According to Apollo Bitcoin Tracker, Grayscale’s Bitcoin product initially held 620,000 Bitcoin when its spot Bitcoin ETF was launched, but that figure has since fallen to 285,481 Bitcoin (equivalent to $20.2 billion at current prices).
Bitcoin rose 2.9% to $71,000 over the past 24 hours, according to CoinGecko.
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