The post Bitcoin ETF Shatters Records with $886M Inflow, BTC Price Skyrockets Ahead of Fed Meeting appeared first on Coinpedia Fintech News
Bitcoin is back in the limelight after the ETH ETF approval shifted everyone’s attention towards Ethereum. Now that bitcoin is moving towards its all-time high price, currently hovering at $71k signaling a bullish rally ahead. This remarkable return comes on the heels of a substantial $880 million inflow into Bitcoin ETFs, marking the best inflow since March.
The surge in inflow came just a week before the Fed meeting next week on June 12 and reflects the confidence within investors about the Fed rate cuts coming ahead this year.
Bitcoin ETF Inflows Reach $886 Million
Bitcoin spot ETFs are on the rise, with data from London-based investment firm Farside showing total net flows of $886 million on June 4th, marking fifteen days of consecutive inflows. This surge indicates renewed confidence among investors in the crypto market.
Bitcoin ETF Flow (US$ million) – 2024-06-04TOTAL NET FLOW: 886.6(Provisional data)IBIT: 274.4FBTC: 378.7BITB: 61ARKB: 138.7BTCO: 0EZBC: 0BRRR: 1.6HODL: 4BTCW: 0GBTC: 28.2DEFI: 0For all the data & disclaimers visit:https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) June 5, 2024
Leading the influx of Bitcoin investments is Fidelity (FBTC) with $378.7 million, followed by Blackrock’s iShares Bitcoin Trust (IBIT) with $274.4 million, and Ark Investment (ARKB) with $138.7 million.
However, not all players are experiencing the same gain. Meanwhile, Grayscale’s GBTC fund has seen a sluggish performance, reporting a net inflow of $28.2 million, while the Invesco Galaxy Bitcoin ETF recorded a net inflow of $0.00. Despite these challenges, the overall trend of ETF flows indicates a growing demand in the market.
Growing Global Demand for Bitcoin ETFs
With the increasing popularity of Bitcoin ETFs globally, Australia and Thailand have recently introduced these investment options. This reflects a growing interest among both institutional and individual investors in accessing Bitcoin through traditional financial channels.
Fed To Cut Rates By November
The surge in Bitcoin ETF inflows comes ahead of the Federal Reserve meeting scheduled for June 12, where traders expect discussions around potential rate cuts. This expectation is fueled by recent data suggesting moderating U.S. inflation and a weaker job market, prompting speculation about the Fed’s future monetary policy decisions.
Recent market movements have sparked optimism among cryptocurrency investors. However, some Treasury yields recently saw their biggest two-day drops this year, making financial conditions easier and potentially benefiting speculative assets like cryptocurrencies.
Bitcoin Current Status
As of now, Bitcoin is currently attempting to recover its gains, with BTC hovering at $71,000, reflecting a 3% surge seen in the last 24 hours. Additionally, trading volume has seen a notable increase of 21.4%, with a market cap reaching $1.4 trillion.