Global blockchain supervision and query platform

English
Download

Bitcoin eyes all-time high with 4% gap as ETFs attract massive inflows

Bitcoin eyes all-time high with 4% gap as ETFs attract massive inflows WikiBit 2024-06-05 13:00

Bitcoins price soared to $71,200 on Tuesday, only 4% away from its all-time high of $73,700 establis

Bitcoins price soared to $71,200 on Tuesday, only 4% away from its all-time high of $73,700 established earlier in March, according to data from TradingView. The rally comes on the heels of massive inflows into US spot Bitcoin exchange-traded funds (ETFs).

Data from HODL15Capital shows that US Bitcoin funds collectively witnessed $887 million in net inflows, marking the second-highest such inflow ever recorded.

US Spot Bitcoin ETF Inflows (June 4) – Source: HODL15Capital

Leading the charge, the Fidelity Wise Origin Bitcoin Fund amassed an impressive $378 million, while BlackRocks iShares Bitcoin Trust followed with $275 million, according to insights from Farside Investors and HODL15Capital. The ARK 21Shares Bitcoin ETF claimed the third spot with over $138 million in net inflows.

These inflows marked a significant milestone, being the most substantial since March 12, which saw a record-setting $1.04 billion influx. The following day, Bitcoin reached a peak of $73,700.

At press time, BTC is trading close to $71,000, up almost 3% in the last 24 hours. The recent surge signals a positive turn for Bitcoin after several weeks of moving sideways. Industry experts suggest that the crypto market is set for a “bright June” due to anticipated spot Ethereum ETF developments.

With Bitcoin ETFs scoring big on their 100th trading day, Nate Geraci, president of ETF Store, addressed the skepticism surrounding Bitcoin ETFs and their demand, particularly from critics who doubted their appeal to retail investors.

Nate Geraci commented on US spot Bitcoin ETF inflows on June 4

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
/
PC(S)
Current Rate
Available

0.00