U.S.-listed spot bitcoin ETFs saw over $880 million in inflows on Tuesday, led by Fidelity's FBTC.
Bitcoin rose over $71,000 in Asian trading hours, adding 3% in the past 24 hours, with the CoinDesk 20 index rising 2.65%.
U.S.-listed spot bitcoin {{BTC}} exchange-traded funds (ETF) saw over $880 million in inflows on Tuesday led by Fidelity, provisional data released on Wednesday shows.
Bitcoin rose over $71,000 in Asian trading hours as the data went public, adding 3% in the past 24 hours. The broad-based CoinDesk 20 (CD20), an index of the largest tokens, rose 2.65%
Fidelity’s FBTC took on $378 million in inflows, the highest among counterparts. BlackRock’s IBIT followed with $270 million, while Grayscale’s GBTC – infamous for its outflows – took on $28 million.
Bitcoin ETF Flow (US$ 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
This marked the best day of inflows since March and the second-highest overall since 11 bitcoin ETFs went live in January.
Inflow activity has picked up recently amid a generally bullish sentiment after a dismal few weeks from mid-April to early May, a period that saw zero net inflows on some days and even outflows from major ETFs such as BlackRock’s IBIT.
Bloomberg analyst Eric Balchunas said on X that the ETFs have taken on $3.3 billion in the past four weeks, and their net year-to-date has crossed the $15 billion mark.
The higher activity comes a few weeks after ether {{ETH}} spot ETF got approved for listing in the U.S. and a positive outlook for cryptocurrencies from the ongoing U.S. presidential campaign.