In a positive turn of events amidst market growth, Bitcoin exchange-traded funds (ETFs) in the US reached a significant milestone on June 4th. BTC products experienced their second-largest daily net inflows since trading commenced on January 11th.
Bitcoin ETFs recorded $886.75 million in daily net inflows on June 4th. The highest inflows from spot Bitcoin-based ETFs were seen during the market peak on March 12th, with a record of $1.05 billion.
Leading the pack in terms of net inflows on that day was Fidelity’s FBTC ETF, with a total of $379 million. Following closely behind was IBIT from BlackRock, which saw net inflows of $274 million, as per data from SoSoValue. The data also indicated that total net inflows accumulated up to June 4th amounted to $14.85 billion.
Bitcoin Rises Driven by ETFs
The price of Bitcoin (BTC) surged today, reaching a peak of $71,321.98 in the morning. In recent days, the price of the leading cryptocurrency has been volatile, with this spike proving crucial for Bitcoin’s recovery, bringing it closer to its all-time high.
This recent uptick in the value of the largest crypto asset coincides with substantial inflows into US spot Bitcoin-based exchange-traded funds (ETFs). The Bitcoin price saw a 4% increase in the last day before retracing slightly.
At the time of writing, the Bitcoin price 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, three months ago. Currently, the price is 3.87% lower than BTC’s peak.
Thailand Approves First Spot Bitcoin ETF
In a significant development signaling the growth of the cryptocurrency industry in Thailand, the country’s regulator, the Securities and Exchange Commission (SEC), gave the green light for the launch of the first spot Bitcoin-based exchange-traded fund (ETF), as reported by the Bangkok Post on June 4th.
This historic decision in Thailand 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 should not be taken as financial advice. Investing in cryptocurrencies carries a risk of financial loss.
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