In a positive turn of events amidst a growing market, Exchange-Traded Funds (ETFs) of Bitcoin in the United States reached a significant milestone on June 4th. BTC products saw their second-highest daily net inflows since trading began on January 11th.
Bitcoin ETFs garnered $886.75 million in daily net inflows on June 4th. The highest inflow record from spot Bitcoin-based ETFs was observed during the market peak on March 12th, with inflows totaling $1.05 billion.
Fidelity’s FBTC ETF led the way in net inflows on that day, accumulating a total of $379 million. Following closely behind was IBIT from BlackRock, experiencing net inflows of $274 million, according to data published by SoSoValue. The data also indicated that total net inflows up to June 4th amounted to $14.85 billion.
In this article, we will explore:
– Bitcoin’s rise fueled by ETFs
– Thailand’s approval of the first spot Bitcoin ETF
Bitcoin’s price surged today, reaching a peak of $71,321.98 in the morning. The largest cryptocurrency’s price has been volatile in recent days, with this increase marking a significant step towards Bitcoin’s recovery and nearing its all-time high.
This recent surge in the leading crypto asset comes as a result of substantial inflows into US spot Bitcoin-based exchange-traded funds (ETFs). The Bitcoin price increased by 4% in the last day but soon retraced.
At the time of writing, the price of Bitcoin was quoted at $70,948.34, up 3.0% in the past 24 hours. The highest price ever paid for Bitcoin was $73,737.94, recorded on March 14th, which is 3.87% higher than the current price.
Thailand’s Securities and Exchange Commission (SEC) recently approved the launch of the first spot Bitcoin-based ETF in the country, marking a significant milestone in the evolution of the cryptocurrency industry in Thailand. This move follows the SEC’s implementation of stricter measures related to Bitcoin ETFs in March, allowing institutions and ultra-high net worth individuals (UHNWIs) to invest in US-listed products through local private funds.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
Editor’s Choice:
– Thailand approves first spot Bitcoin ETF
– US Bitcoin ETFs Attract $58.50 Billion in Five Months