Bitcoin exchange-traded Funds (ETFs) have seen a significant boost, with a net inflow of $218 million today, marking the longest stretch of consecutive gains in the cryptocurrency market. This 18-day streak surpasses previous records and highlights growing investor confidence in Bitcoin as a viable asset class.
🚨 $BTC #ETF Net Inflow June 6, 2024: +$218M!• The net inflow has been positive for 18 consecutive trading days, the longest streak ever! 👏• The single-day inflow of #BlackRock (IBIT) rebounded to $350M, the highest level in the last 2 trading months.• #Grayscale (GBTC)… pic.twitter.com/OlECpF9faz
— Spot On Chain (@spotonchain) June 7, 2024
The surge in Bitcoin ETF investments is spearheaded by notable funds, including BlackRock’s IBIT, which recorded a substantial single-day inflow of $350 million. This represents the highest level of investment in the last two months for IBIT, signalling a strong rebound and robust market appetite.
Contrasting Movements
Despite the overall positive trend, not all funds shared the same fortune. Grayscale’s Bitcoin Trust (GBTC) again faced an outflow after briefly experiencing two days of inflows. This mixed response within the ETF sector illustrates the diverse strategies and investor sentiments prevailing in the market.
This unprecedented inflow streak into Bitcoin ETFs underlines a significant shift towards cryptocurrency within traditional investment portfolios. Analysts suggest that sustained interest from institutional investors could further stabilize the market and potentially elevate Bitcoin’s price in the upcoming weeks.