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 their second-largest daily net inflows since trading commenced on January 11th.
Bitcoin ETFs received a total of US$886.75 million in daily net inflows on June 4th. The highest inflow record from spot Bitcoin-based ETFs was seen during the market peak on March 12th, with inflows reaching $1.05 billion.
Leading the pack in terms of net inflows on that day was Fidelity’s FBTC ETF, which saw a total of US$379 million. Following closely behind was IBIT from BlackRock, which recorded net inflows of US$274 million, as per data published by SoSoValue. The data also indicated that total net inflows accumulated until June 4th amounted to US$14.85 billion.
In this piece, we will delve into:
– Bitcoin’s surge driven by ETFs
– Thailand’s approval of the first spot Bitcoin ETF
Bitcoin’s price soared today, hitting a peak of US$71,321.98 in the morning. The largest cryptocurrency’s price has been fluctuating significantly in recent days, with this surge marking a vital step towards Bitcoin’s recovery and nearing its all-time high.
This recent uptick in the value of the leading crypto asset coincides with substantial inflows into US spot Bitcoin-based ETFs. The Bitcoin price witnessed a 4% increase over the past day but quickly retraced.
At the time of writing, Bitcoin’s price stood at US$70,948.34, marking a 3.0% increase in the last 24 hours. The highest price paid for Bitcoin was $73,737.94, recorded on March 14th (3 months ago). Comparatively, the current price is 3.87% lower than Bitcoin’s all-time peak.
In another significant development, Thailand’s Securities and Exchange Commission (SEC) approved the launch of the country’s first spot Bitcoin-based ETF, as reported in a Bangkok Post article on June 4th. This milestone follows the SEC’s implementation of stricter measures regarding Bitcoin ETFs in March, which included permitting institutions and ultra-high net worth individuals (UHNWIs) to invest in US-listed products through local private funds.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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