Bitcoin hits $70,000 again, Bitcoin spot ETF sees 15 consecutive days of net inflows
Bitcoin spot exchange-traded funds (ETFs) recorded net inflows of $105 million on June 3, marking the 15th consecutive day of net inflows for these ETFs.
Among Bitcoin spot ETFs, Fidelity ETF (FBTC) recorded significant inflows of $77,048,200, while Bitwise ETF (BITB) attracted $14,314,500 inflows.
In comparison, BlackRock’s iShares Bitcoin Trust reported zero inflows and outflows during the period.
Likewise, Grayscale’s Bitcoin Trust ETF (GBTC) observed net outflows of $0.00 per day.
Bitcoin hits $70,000
The continued net inflows into Bitcoin spot ETFs come as Bitcoin briefly topped the $70,000 mark on Monday, the first time it had reached such highs in a week.
However, the price fell back to its familiar trading range, continuing to move sideways.
At the time of writing, Bitcoin is trading around $69,000, up 2% in the past 24 hours.
Ethereum (ETH) remains relatively unchanged, hovering below $3,800.
Bitcoin and the overall cryptocurrency market have been in a consolidation phase for more than two months since it reached an all-time high of $73,000 in March.
Analysts at Bitfinex suggest that this correction phase appears to be coming to an end.
The selling of Bitcoin by long-term holders was a major factor in the correction from all-time highs.
However, blockchain data shows that these holders began accumulating Bitcoin again for the first time since December 2023.
Additionally, the number of new accumulation addresses for Bitcoin and Ethereum has been increasing over the past month.
Despite recent price stability, this trend indicates increasing investor bullishness. Bitfinex’s analysis cited data from CryptoQuant to support these observations.
Virtual asset products attract capital inflows
Digital asset investment products attracted $185 million in inflows last week, marking four consecutive weeks of positive investment trends.
In May, these products attracted a combined $2 billion in inflows, bringing year-to-date inflows to more than $15 billion, a record high.
Bitcoin ETFs have become one of the most successful ETF categories, with total assets reaching $58.5 billion.
The funds have experienced significant growth, benefiting from Bitcoin's fourfold increase in value since the beginning of last year.
Although Bitcoin ETFs have proven to be profitable investments, critics worry about whether the volatile digital asset is suitable for widespread adoption, even within an ETF structure.
Some countries, including Singapore and China, have imposed restrictions or outright bans on cryptocurrencies, highlighting the regulatory challenges facing these investment vehicles.
The positive momentum for cryptocurrency ETFs isn’t limited to Bitcoin.
Last week, the SEC also expressed its willingness to allow an ETF for Ethereum, the second-largest cryptocurrency by market capitalization.
On May 23, the SEC officially approved the 19b-4 applications of VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy and Bitwise to issue spot Ethereum ETFs.
Notably, several ETF issuers removed staking in the final amendments.
According to reports, analytics firm Kaiko said Grayscale’s upcoming spot Ethereum ETF may face significant outflows, which could average $110 million per day.
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Original text: https://cn.cryptonews.com/news/bitcoin-spot-etfs-attract-another-105m-maintaining-15-consecutive-days-of-net-inflows.htm
