In a significant development for the cryptocurrency market, U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) experienced inflows exceeding $880 million on Tuesday, according to provisional data released on Wednesday. This marked the best day of inflows since March and the second-highest since the launch of 11 bitcoin ETFs in January.

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• Bitcoin jumps past $71,000 with a 3% surge in Asian trading.
• U.S.-listed BTC ETFs gain $880 million, best day since March.
• Fidelity’s FBTC leads with $378 million, followed by BlackRock’s IBIT with $270 million.

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Bitcoin soars past $71K with $880M inflows in BTC ETFs, marking its best day since March.

Bitcoin’s price surged past $71,000 during Asian trading hours following the release of this data, reflecting a 3% increase over the past 24 hours. The CoinDesk 20 (CD20) index, which tracks the largest digital tokens, also saw a rise of 2.65%.

The big jump in Bitcoin’s price, going over $71,000, shows it’s one of the top cryptocurrencies and a popular choice for people who want to invest, including regular folks and big companies.

Substantial inflows into U.S.-listed BTC ETFs signal growing investor confidence and reflect a broader trend of institutional adoption of cryptocurrencies as part of diversified investment portfolios.

Leading the inflows was Fidelity’s FBTC, which attracted $378 million. BlackRock’s IBIT followed closely with $270 million in inflows, while Grayscale’s GBTC, typically noted for its outflows, recorded $28 million.

Breakdown of Bitcoin ETF Flows (US$ million) – June 4, 2024

TOTAL NET FLOW: 886.6 (Provisional data)

• I BIT: 274.4
• FBTC: 378.7
• BITB: 61
• ARKB: 138.7
• BTCO: 0
• EZBC: 0
• BRRR: 1.6
• HODL: 4
• BTCW: 0
• GBTC: 28.2
• DEFI: 0

The data underscores a marked increase in inflow activity, driven by a generally positive market sentiment after a challenging period from mid-April to early May, which saw zero net inflows and even outflows from major ETFs such as BlackRock’s IBIT.

Bloomberg analyst Eric Balchunas noted on X (formerly Twitter) that ETFs have accumulated $3.3 billion over the past four weeks, pushing their net year-to-date inflows to over $15 billion.

This heightened activity follows the recent approval of an ether (ETH) spot ETF in the U.S. and a favorable outlook for cryptocurrencies amid the ongoing U.S. presidential campaign.

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