In a positive turn of events amidst market growth, Bitcoin exchange-traded funds (ETFs) in the US achieved a significant milestone on June 4th. BTC products experienced the second-largest daily net inflows since trading began on January 11.
Bitcoin ETFs recorded $886.75 million in daily net inflows on June 4th. The highest inflows from spot Bitcoin-based ETFs were seen during the market peak on March 12, reaching $1.05 billion.
Leading the way in net inflows on that day was Fidelity’s FBTC ETF, with a total of $379 million. Following closely behind was IBIT from BlackRock, which saw net inflows of $274 million, as reported by SoSoValue. The data also showed that total net inflows up to June 4th amounted to $14.85 billion.
Bitcoin’s price surged driven by ETFs, reaching a high of $71,321.98 in the morning. The cryptocurrency has been experiencing significant fluctuations recently, with this increase being a crucial factor in Bitcoin’s recovery, edging it closer to its all-time high.
This recent uptick in the price of Bitcoin comes amidst substantial inflows into US spot Bitcoin-based exchange-traded funds (ETFs). The price saw a 4% increase in the last day but soon retraced.
At the time of writing, Bitcoin’s price was at $70,948.34, up by 3.0% in the last 24 hours. The highest price ever paid for Bitcoin was $73,737.94, recorded on March 14, making the current price 3.87% lower than the peak.
In a significant development for the cryptocurrency industry in Thailand, the country’s regulator, the Securities and Exchange Commission (SEC), approved the launch of the first spot Bitcoin-based ETF. This move follows Thailand’s SEC implementing stricter measures related to Bitcoin ETFs in March, allowing institutions and ultra-high net worth individuals (UHNWIs) to invest in US-listed products through local private funds.
Please note that the views expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.