Attention all Bitcoin believers and crypto enthusiasts! Get ready to purr with delight! U.S. spot Bitcoin exchange-traded funds (ETFs) just devoured a massive chunk of fresh funds, recording their second-highest net inflow day ever! This surge in investor interest throws shade on claims that demand for Bitcoin ETFs would be lackluster.
Breaking Down the Bitcoin Buffet
Preliminary data reveals that these spot Bitcoin ETFs gobbled up a staggering $886.6 million on June 4th. This represents the second-best daily net inflow ever for these funds, falling just short of the record-breaking $1.04 billion they devoured on March 12th, 2024. Interestingly, that record-breaking day coincided with Bitcoin reaching its all-time high of $73,679!
Fidelity Feasting First
Fidelity's Wise Origin Bitcoin Fund (FBTC) emerged as the alpha predator in this feeding frenzy, attracting a whopping $378.7 million in net inflows. BlackRock's iShares Bitcoin Trust (IBIT) wasn't far behind, securing a respectable $274.4 million. The ARK 21Shares Bitcoin ETF (ARKB) also joined the feast, bringing in a cool $138.7 million.
Grayscale Gets a Taste
Even the Grayscale Bitcoin Trust (GBTC), which has seen significant net outflows due to its management fees, managed to snag a rare $28.2 million inflow on June 4th. This marks only the seventh inflow day for GBTC since its January conversion to a spot ETF.
Critics Left Scratching Their Heads
This surge in demand for Bitcoin ETFs comes as a sweet victory for proponents of these investment vehicles. Earlier naysayers who predicted low investor interest are left scratching their heads as "degen retail" investors, along with presumably institutional players, continue to pour money into Bitcoin through these ETFs.
Not All Funds Feasted
While "The Ten" – the established Bitcoin ETFs excluding the latecomer Hashdex – enjoyed a collective feast, not all issuers shared in the bounty. Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex all saw zero net inflows on June 4th.
Bitcoin Back on the Rise?
This surge in investor appetite for Bitcoin ETFs coincides with a 2.9% price rally for Bitcoin itself, which currently sits at around $71,000. Could this be the start of another Bitcoin bull run, fueled by easy access through ETFs? Only time will tell, but one thing's for sure: the future of Bitcoin ETFs is looking bright!
Source: Cointelegraph
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