A positive development in the growing market for Bitcoin exchange-traded funds (ETFs) in the US reached a significant milestone on June 4th. BTC products experienced their second-highest daily net inflows since trading began on January 11.
Bitcoin ETFs received a total of US$886.75 million in daily net inflows on June 4th. The highest inflow from spot Bitcoin-based ETFs was recorded during the market peak on March 12, with inflows reaching $1.05 billion.
Leading the net inflows on that day was Fidelity’s FBTC ETF, with a total of US$379 million. Following closely behind was IBIT from BlackRock, which saw net inflows of US$274 million, as per data from SoSoValue. The data also indicated that total net inflows up to June 4th amounted to US$14.85 billion.
Bitcoin’s price surged today, reaching a peak of US$71,321.98 in the morning. The largest cryptocurrency’s price has been volatile in recent days, with this increase signaling a significant recovery for Bitcoin, edging closer to its all-time high.
This recent uptick in the price of the largest cryptocurrency coincides with substantial inflows into US spot Bitcoin-based ETFs. The price of Bitcoin saw a 4% increase in the past day, though it later retraced.
At the time of writing, Bitcoin was trading at US$70,948.34, marking a 3.0% increase in the last 24 hours. The highest price ever paid for Bitcoin was $73,737.94, recorded on March 14 (3 months ago). Currently, the price is 3.87% lower than Bitcoin’s 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 decision follows the SEC’s implementation of stricter measures related to Bitcoin ETFs in March, allowing institutions and ultra-high net worth individuals 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 in cryptocurrencies carries a risk of financial loss.