In a positive turn of events amidst market growth, Bitcoin exchange-traded funds (ETFs) in the United States achieved a significant milestone on June 4th. BTC ETFs saw their second-highest daily net inflows since trading began on January 11th.
Bitcoin ETFs recorded $886.75 million in daily net inflows on June 4th. The highest recorded inflows from spot Bitcoin-based ETFs occurred during the market peak on March 12th, with inflows reaching $1.05 billion.
Leading the pack in terms of net inflows on June 4th was Fidelity’s FBTC ETF, with a total of $379 million. Following closely behind was IBIT from BlackRock, which experienced net inflows of $274 million, as reported by SoSoValue. Data also revealed that total net inflows accumulated up to June 4th amounted to $14.85 billion.
Bitcoin’s price surged today, reaching a high of $71,321.98 in the morning. The cryptocurrency’s price has been fluctuating in recent days, with this increase marking an important step towards Bitcoin’s recovery and nearing its all-time high.
This recent uptick in the largest cryptocurrency’s value comes as a result of significant inflows into US spot Bitcoin-based ETFs. While Bitcoin’s price saw a 4% increase in the last day, it quickly retraced.
At the time of writing, Bitcoin was trading at $70,948.34, up 3.0% in the last 24 hours. The highest price ever paid for Bitcoin was $73,737.94 on March 14th, which is 3.87% higher than the current price.
In another significant development, Thailand’s Securities and Exchange Commission (SEC) approved the launch of the country’s first spot Bitcoin-based ETF. This move comes after the SEC in Thailand introduced stricter measures related to Bitcoin ETFs in March, allowing institutions and ultra-high net worth individuals to invest in US-listed products through local private funds.
It’s important to note that the views 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.
In conclusion, the evolution of the cryptocurrency industry is evident with Thailand’s approval of the first spot Bitcoin ETF and the substantial inflows into US Bitcoin ETFs totaling $58.50 billion in just five months.
