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 saw a total of US$886.75 million in daily net inflows on June 4th. The highest recorded inflows from spot Bitcoin-based ETFs occurred during the market peak on March 12th, with inflows totaling $1.05 billion.
Leading the pack in terms of 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 published by SoSoValue. The data also indicated that total net inflows accumulated by June 4th amounted to US$14.85 billion.
Key points covered in this article include:
Bitcoin’s surge fueled by ETFs
Thailand’s approval of its first spot Bitcoin ETF
Bitcoin’s price surged today, reaching a high of US$71,321.98 in the morning. The largest cryptocurrency has experienced significant price fluctuations in recent days, with this uptick being crucial for Bitcoin’s recovery, bringing it closer to breaking its all-time high.
This recent resurgence of the leading crypto asset coincides with substantial inflows into US spot Bitcoin-based exchange-traded funds (ETFs). While the Bitcoin price saw a 4% increase in the last day, it quickly retraced.
At the time of writing, the Bitcoin price stood at US$70,948.34, marking a 3.0% increase in the past 24 hours. The highest price ever paid for Bitcoin was $73,737.94, recorded on March 14th, three months ago. Currently, the price is 3.87% lower than BTC’s peak.
Furthermore, in a significant development signaling the growth of the cryptocurrency industry in Thailand, the country’s Securities and Exchange Commission (SEC) approved the launch of its first spot Bitcoin-based ETF, as reported by the Bangkok Post on June 4th.
This milestone in Thailand follows the SEC’s implementation of stricter measures regarding Bitcoin ETFs in March, including enabling 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 advice. Investing in cryptocurrencies carries a risk of financial loss.
Editor’s Choice:
Thailand approves first spot Bitcoin ETF
US Bitcoin ETFs Attract $58.50 Billion in Five Months