Investor Confidence Soars With $488M Inflows Into US Bitcoin ETFs

On Wednesday, U.S. spot bitcoin exchange-traded funds (ETFs) saw inflows amounting to $488.1 million, with Fidelity’s FBTC leading the way. These inflows marked the 17th consecutive day of contributions from the 11 publicly traded funds.

U.S. Spot Bitcoin ETFs See More Inflows on 17th Consecutive Winning Day

U.S. spot bitcoin ETFs have been enjoying a winning streak for 17 consecutive days, with $488.1 million in positive inflows recorded on Wednesday. This followed Tuesday’s record-setting inflow of $886.6 million. Leading the pack on Wednesday, Fidelity recorded $221 million, and as of June 6, 2024, FBTC holds 173,715.33 BTC, valued at approximately $12.37 billion.

Blackrock’s IBIT attracted around $155 million, bringing it close to holding 300,000 BTC. At press time, IBIT commands 297,643.72 BTC, worth $21.20 billion. Following FBTC, inflows came from ARKB, BITB, GBTC, HODL, and BTCO. The funds’ BRRR, EZBC, and BTCW experienced neutral flows. Ark Invest and 21Shares’ ARKB fund has surpassed the 50,000 BTC mark, holding about 50,303 BTC.

Currently, ARKB’s bitcoin reserve is valued at $358 billion based on current BTC exchange rates. Bitwise’s BITB fund now holds 38,106.02 BTC, worth $2.71 billion. GBTC’s $15 million inflow brings the Grayscale fund to approximately 285,458.14 BTC, currently valued at $20.36 billion. During Wednesday’s trading sessions, the ETFs recorded $2.08 billion in trade volume.

The continued strong inflows into U.S. spot bitcoin ETFs underscore a burgeoning confidence among investors, heralding a potentially transformative era for these cryptocurrency investments. With FBTC and other funds consistently attracting significant capital, the sustained interest could signal a shift toward a more retail-focused financial embrace of bitcoin.

What do you think about the spot bitcoin ETF action on Wednesday? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn