In a positive turn of events amidst market growth, Bitcoin exchange-traded funds (ETFs) in the US achieved a significant milestone on June 4th. BTC products experienced the second-largest daily net inflows since trading commenced on January 11th.
On June 4th, Bitcoin ETFs recorded a daily net inflow of US$886.75 million. The highest recorded net inflows from spot Bitcoin-based ETFs occurred during the market peak on March 12th, with inflows reaching $1.05 billion.
Leading the pack in net inflows on that day was Fidelity’s FBTC ETF, with a total of US$379 million. Following closely behind was IBIT from BlackRock, which saw net inflows of US$274 million, as per data from SoSoValue. The data also indicated that total net inflows accumulated until June 4th amounted to US$14.85 billion.
Key points covered in this article include:
– Bitcoin’s price surge driven by ETFs
– Thailand’s approval of its first spot Bitcoin ETF
Bitcoin’s price surged today, reaching a peak of US$71,321.98 in the morning. The largest cryptocurrency has been experiencing significant price fluctuations in recent days, with this surge marking an important step towards its recovery and nearing its all-time high.
This recent resurgence of the top crypto asset coincides with substantial inflows into US spot Bitcoin-based ETFs. The price of Bitcoin witnessed a 4% increase in the last day, only to retract shortly after.
At the time of writing, Bitcoin was trading at US$70,948.34, representing a 3.0% increase in the past 24 hours. The highest price recorded for Bitcoin was $73,737.94 on March 14th, marking a 3.87% decline from its all-time peak.
In a significant development for the cryptocurrency industry in Thailand, the country’s Securities and Exchange Commission (SEC) approved the launch of the first spot Bitcoin-based ETF. This decision 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.
Please note that 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.
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