CryptoBitcoinU.S. Bitcoin ETFs Sustain Positive Momentum as BTC Consolidates

U.S. Bitcoin ETFs Sustain Positive Momentum as BTC Consolidates

Spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States are embarking on their fourth consecutive week with favorable gains, even as Bitcoin itself experiences a phase of consolidation.

Figures provided by Farside Investors indicate that spot BTC ETF products in the U.S. amassed $105.1 million in inflows on June 3, marking a robust start to the fourth consecutive week of positive trends.

The lion’s share of these inflows, totaling $77 million, emanated from the Fidelity Wise Origin Bitcoin Fund (FBTC). Additionally, the Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF (ARKB) saw significant inflows of $14.3 million and $10.7 million, respectively.

Meanwhile, the VanEck Bitcoin Trust ETF (HODL) and WisdomTree Bitcoin Fund (BTCW) contributed smaller sums to the influx, registering $2 million and $1.1 million in net inflows, respectively.

In contrast, the largest BTC ETF, iShares Bitcoin Trust (IBIT), and Grayscale Bitcoin Trust (GBTC) remained relatively neutral on June 3, with IBIT accumulating over $16.65 billion in net inflows since its U.S. debut.

The consistent influx of positive net flows into Bitcoin ETFs has been a prevailing trend since May 10, with only a single day of $0 cumulative flows on May 27. This streak, spanning 16 days, represents the second-longest period of sustained positive activity for U.S. BTC ETFs, trailing behind the 18-day run observed between January 26 and February 20.

Bitcoin’s Response

In tandem with these developments, Bitcoin has largely maintained its position within the $68,800 to $69,300 range over the past day. Briefly, the flagship cryptocurrency reached a seven-day high of $70,230 around 13:50 UTC on June 3.

At the time of reporting, BTC has experienced a marginal 0.11% decline over the past 24 hours, trading at $69,020. Its market capitalization stands at $1.36 trillion, commanding a 50.4% dominance over the broader cryptocurrency market.

Data further reveals a notable surge in Bitcoin’s daily trading volume, up by 30% to $29.5 billion, signaling heightened market activity amidst the ongoing consolidation phase.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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