The Fidelity Bitcoin ETF FBTC had $220 million worth of inflows on Wednesday.
The result is that FBTC’s total assets under management are now above $9.5 billion.
Amidst Bitcoin’s price surge beyond $71,000 recently, substantial inflows into the U.S.-based spot Bitcoin ETFs have restarted. Bitcoin exchange-traded funds (ETFs) saw inflows of about $500 million on Wednesday, with Fidelity’s FBTC maintaining the lead.
Despite BlackRock’s long-standing dominance in spot Bitcoin ETF inflows, Fidelity’s FBTC has lately overtaken it. Bringing the total inflows over the last two days to nearly $600 million, the Fidelity Bitcoin ETF FBTC had $220 million worth of inflows on Wednesday, June 5. The result is that FBTC’s total assets under management are now above $9.5 billion.
Consistent Inflows
In terms of the total value of assets managed by spot Bitcoin ETFs, Fidelity is still BlackRock’s major rival. Fidelity FBTC is half the size of BlackRock’s IBIT, even with the present inflows. A net inflow of $488 million was recorded by Bitcoin spot ETFs on June 5, making it the 17th day in a row with positive inflows. This figure was a whopping $887 million the day before.
Grayscale Bitcoin ETF, GBTC, received $14.58 million on Wednesday, while BlackRock, IBIT, received $155 million. Net inflows of $15.338 billion have been recorded for Bitcoin spot ETFs so far. To set the scene, 27 times as many Bitcoins were purchased by spot Bitcoin ETFs than were mined each day.
Over the last day, the price of Bitcoin has increased by around 1.9%, peaking at $71,735, and has now crossed over $71,000. If Bitcoin (BTC) breaks past the critical resistance mark around $72,000, the cryptocurrency’s bullish momentum might lead to much higher prices.
Highlighted Crypto News Today:
Forcount Ponzi Scheme Promoter Faces 20 Years for $8.4 Million Fraud