Bitcoin Crosses $71K as BTC ETFs See $880M Inflows in Best Day Since March
This marked the best day of inflows since March and the second-highest overall since 11 bitcoin ETFs went live in January.
U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETF) saw over $880 million in inflows on Tuesday led by Fidelity, provisional data released on Wednesday shows.
Bitcoin rose over $71,000 in Asian trading hours as the data went public, adding 3% in the past 24 hours. The broad-based CoinDesk 20 (CD20), an index of the largest tokens, rose 2.65%
Fidelity’s FBTC took on $378 million in inflows, the highest among counterparts. BlackRock’s IBIT followed with $270 million, while Grayscale’s GBTC – infamous for its outflows – took on $28 million.
This marked the best day of inflows since March and the second-highest overall since 11 bitcoin ETFs went live in January.
Inflow activity has picked up recently amid a generally bullish sentiment after a dismal few weeks from mid-April to early May, a period that saw zero net inflows on some days and even outflows from major ETFs such as BlackRock’s IBIT.
Bloomberg analyst Eric Balchunas said on X that the ETFs have taken on $3.3 billion in the past four weeks, and their net year-to-date has crossed the $15 billion mark.
The higher activity comes a few weeks after ether (ETH) spot ETF got approved for listing in the U.S. and a positive outlook for cryptocurrencies from the ongoing U.S. presidential campaign.
BY: Shaurya Malwa
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