US Bitcoin ETFs Attract $488M Inflows, Boosting Investor Confidence

US Bitcoin ETFs Attract $488M Inflows, Boosting Investor Confidence

U.S. spot bitcoin exchange-traded funds (ETFs) experienced another day of positive inflows, reaching a 17-day winning streak. On Wednesday, these ETFs received a total of $488.1 million in investments. This follows a record-breaking inflow of $886.6 million on Tuesday. Fidelity’s FBTC emerged as the top performer on Wednesday, attracting $221 million. As of June 6, 2024, FBTC holds 173,715.33 BTC valued at approximately $12.37 billion.

Blackrock’s IBIT also saw significant inflows of around $155 million, bringing its total BTC holdings close to 300,000. Currently, IBIT holds 297,643.72 BTC worth $21.20 billion. Other funds that received inflows include ARKB, BITB, GBTC, HODL, and BTCO. On the other hand, the funds BRRR, EZBC, and BTCW experienced neutral flows. Ark Invest and 21Shares’ ARKB fund surpassed the 50,000 BTC mark, holding about 50,303 BTC. Based on current BTC exchange rates, ARKB’s bitcoin reserve is valued at $358 billion.

Bitwise’s BITB fund now holds 38,106.02 BTC worth $2.71 billion, while GBTC received a $15 million inflow, bringing its total BTC holdings to approximately 285,458.14 BTC valued at $20.36 billion. Throughout Wednesday’s trading sessions, the ETFs recorded a total trade volume of $2.08 billion.

The consistent inflows into U.S. spot bitcoin ETFs indicate growing investor confidence and potentially herald a transformative era for cryptocurrency investments. With FBTC and other funds consistently attracting significant capital, it suggests a shift towards a more retail-focused financial embrace of bitcoin.

What are your thoughts on the spot bitcoin ETF activity on Wednesday? Feel free to share your opinions in the comments section below.

Leave a Reply

Your email address will not be published. Required fields are marked *