Spot Bitcoin ETFs Experience Second-Highest Daily Inflows in the US
Spot Bitcoin exchange-traded funds (ETFs) in the United States received substantial net inflows of $886.75 million on June 4, marking the second-highest daily inflow since their listing. The highest inflow recorded was $1.05 billion on March 12.
- Fidelity’s FBTC contributed $379 million to the net inflows.
- BlackRock’s IBIT followed with $274 million.
All Funds See Inflows
Several other funds also experienced inflows on June 4:
- ARK Invest and 21Shares’ ARKB received $139 million.
- Bitwise’s BITB recorded $61 million.
- Grayscale’s GBTC attracted $28 million.
This surge in inflows extended the positive flow streak for spot Bitcoin ETFs to 16 days, with a cumulative total of $14.85 billion in net inflows since their inception.
Bitcoin Price and Market Analysis
Bitcoin’s value briefly reached over $71,000 on June 4 before trading at around $70,800. Analysts believe the correction phase may be coming to an end, with long-term holders starting to accumulate Bitcoin again after selling off during the market downturn.
Spot Ethereum ETFs on the Horizon
The United States is awaiting the launch of spot Ethereum ETFs, with major issuers submitting registration statements to the Securities and Exchange Commission. Analysts predict net inflows of $3.1 billion to $4.8 billion in the first five months of trading for spot Ether funds.
Thailand Approves First Spot Bitcoin ETF
Thailand’s One Asset Management (ONEAM) has made history by launching the country’s first Bitcoin ETF, approved by the Thai Securities and Exchange Commission (SEC). The One Bitcoin ETF Fund of Funds is designed for institutional investors and high-net-worth individuals, investing in 11 global Bitcoin funds to ensure liquidity and security.
Thailand joins other jurisdictions like the United States, Hong Kong, Australia, and the United Kingdom in embracing Bitcoin ETFs. While ONEAM has received regulatory approval, MFC Asset Management is still awaiting clearance for its Bitcoin ETF product.
Hot Take: Continued Growth for Bitcoin ETFs and Market Recovery
With spot Bitcoin ETFs experiencing significant inflows and Bitcoin market prices stabilizing, the future looks bright for cryptocurrency investors. As the market continues to recover and adapt to changing regulatory environments, the potential for growth in ETF offerings and investor participation remains strong. Stay informed and keep an eye on the evolving landscape of cryptocurrency investments.
Sources:
SoSoValue – Data on Bitcoin ETFs
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