According to U.Today, spot-based exchange-traded funds (ETFs) experienced a significant increase on Tuesday, with net inflows reaching $887 million. This is the second-largest single-day haul since the start of trading in January. Fidelity's Wise Origin Bitcoin Fund (FBTC) led the way with inflows of $379 million. Eric Balchunas, a leading ETF analyst, noted the substantial flows for the day, which totaled nearly $1 billion.
BlackRock's iShares Bitcoin Trust also saw significant activity, attracting $274 million in inflows. The ARK 21Shares Bitcoin ETF (ARKB) recorded $139 million in inflows. The Bitwise Bitcoin ETF (BITB) and the Grayscale Bitcoin Trust (GBTC) followed in fourth and fifth places, with inflows of $61 million and $28 million, respectively. US-based spot Bitcoin ETFs have now seen 16 consecutive days of inflows.
Balchunas recently observed that Bitcoin ETFs have demonstrated resilience following a series of outflows in April. He suggested that the current wave of inflows could become a 'tidal wave'. ETF analyst James Seyffart, however, emphasized that inflows and outflows are a standard part of ETF operations. He assured that periods of outflows for these ETFs as a group will occur over time, as seen most recently in April.
The flagship cryptocurrency is currently trading at $71,170, having risen approximately 3% in the last 24 hours. The cryptocurrency continues to trade within a range. Galaxy Digital CEO Mike Novogratz recently suggested that Bitcoin would need to surpass the $73,000 level to potentially reach $100,000 by the end of the year.