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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