US Bitcoin ETFs Witness Second-highest Ever Daily Net Inflow at $887 Million
Summary:
The Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. saw their second-highest ever collective net inflow of $887 million for a single day. Leading the inflow was the Fidelity Wise Origin Bitcoin Fund (FBTC) and the BlackRock's iShares Bitcoin Trust (IBIT). These net inflows mark the largest surge since March 12, when they reached a record high of $1.04 billion. These figures are in contrast to Bitcoin-related ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex which saw no increases.
The Bitcoin (BTC) exchange-traded funds (ETFs) in the United States recently experienced the second-highest ever collective net inflow of $887 million in a day. The Fidelity Wise Origin Bitcoin Fund (FBTC) led the way with the most substantial inflow of $378.7 million, followed by BlackRock's iShares Bitcoin Trust (IBIT) which took in around $275 million, based on data culled from Farside Investors and X account HODL15Capital. Additionally, the ARK 21Shares Bitcoin ETF (ARKB) recorded an impressive net inflow, exceeding $138 million.
This marks the most significant net inflows observed by these funds since March 12, when they registered a historic high of $1.04 billion. A day later on March 13, Bitcoin reached a record-breaking value of $73,679. In response to individuals who doubted the demand for Bitcoin ETFs, ETF Store president Nate Geraci expressed his skepticism. He mentioned hearing from critics who contended that investors who wanted to buy Bitcoin had already done so, leaving no remaining interest. This was met with questions from Geraci, refuting these claims.
Bloomberg ETF analyst Eric Balchunas also weighed in on the discussion, pointing out the data was progressively unfavorable for Bitcoin skeptics. Other Bitcoin-related ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex, however, did not witness any surge, as June 4 trading data indicated no flows for these issuers. This news emerges as Bitcoin witnessed a 2.9% surge to hit $71,000 within the past day, as reported by CoinGecko.
Published At
6/5/2024 5:52:38 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.