U.S.-listed spot Bitcoin exchange-traded funds (ETFs) experienced a surge in inflows, with over $880 million pouring in, primarily driven by Fidelity’s FBTC. According to provisional data released on Wednesday, this marks one of the most significant inflow days since March and the second-highest since the launch of 11 Bitcoin ETFs in January.
Bitcoin’s value responded positively to the influx, rising above $71,000 during Asian trading hours and gaining 3% in the past 24 hours. Concurrently, the CoinDesk 20 index (CD20), which tracks the performance of the largest cryptocurrencies, increased by 2.65%.
Fidelity’s FBTC led the pack, attracting $378 million in inflows. BlackRock’s IBIT followed with $270 million, and Grayscale’s GBTC, typically noted for its outflows, garnered $28 million.
This recent spike in activity comes amidst a generally bullish sentiment in the cryptocurrency market, following a sluggish period from mid-April to early May. During that time, several major ETFs, including BlackRock’s IBIT, experienced zero net inflows or even outflows on some days.
Bloomberg analyst Eric Balchunas highlighted on social media platform X that Bitcoin ETFs have accumulated $3.3 billion in the past four weeks, pushing their net year-to-date inflows past the $15 billion mark. This uptick in activity also coincides with the recent approval of Ether (ETH) spot ETFs for listing in the U.S. and a favorable outlook for cryptocurrencies from the ongoing U.S. presidential campaign.
Related Topics:
