As a seasoned crypto investor with a keen interest in Bitcoin and its related investment vehicles, I find these recent developments in the US-based Bitcoin ETF market particularly noteworthy. The collective net inflow of $887 million on June 4 was nothing short of impressive, with Fidelity Wise Origin Bitcoin Fund leading the charge.
On a notable day, US Bitcoin exchange-traded funds (ETFs) recorded approximately $887 million in collective new investments, signifying one of their most successful days.
Amongst the Bitcoin investment funds, Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the largest inflow with approximately $378.7 million, while BlackRock’s iShares Bitcoin Trust (IBIT) came in second with around $275 million in recent inflows, according to data from Farside Investors and HODL15Capital.
The ARK 21Shares Bitcoin ETF (ARKB) saw an inflow of approximately $138 million, which represents its largest intake since March 12. This surge in investments coincides with a historic day when these Bitcoin ETFs collectively gained $1.04 billion just prior to Bitcoin reaching its peak price on March 13.
In contrast to the prevailing pattern, Grayscale Bitcoin Trust (GBTC) recorded an unusual inflow of approximately $28.2 million on a given day, representing its seventh such occasion since transforming into a spot ETF in January. However, despite this infusion, GBTC endured substantial net outflows totaling over $17.8 billion due to its elevated management fee and reduced discount.
The Bitcoin fund managed by Grayscale, which initially possessed approximately 620,000 bitcoins when Bitcoin spot ETFs were introduced, currently holds about 285,481 BTC, equivalent to a market value of around $20.2 billion, as indicated by the Apollo Bitcoin Tracker.
Nate Geraci, president of ETF Store, countered the doubts of skeptics regarding the demand for Bitcoin ETFs by emphasizing the significant investor interest, despite initial hesitation. Eric Balchunas, an analyst at Bloomberg ETF, also pointed out the substantial inflows into most Bitcoin ETFs, except for Hashdex’s, which faced challenges in attracting investments.
As a crypto investor, I’m thrilled to report that Fidelity isn’t holding back on significant investments in The Ten. Today alone, we’ve seen nearly $1 billion in flows, making it one of our best days since mid-March. In the past four weeks, there have been impressive inflows totaling $3.3 billion. This year-to-date net investment now stands at an impressive $15 billion – a figure that was on the higher end of our 12-month estimate. The ‘third wave’ of crypto adoption is rapidly turning into a tidal wave!
— Eric Balchunas (@EricBalchunas) June 5, 2024
Over the past day, Bitcoin experienced a noteworthy increase of approximately 2.9%, reaching a new price point at $71,000. However, during this period of growth, there was no observable influx of investment in ETFs managed by Invesco Galaxy, Franklin Templeton, WisdomTree, and Hashdex on June 4.
The rising interest from investors in Bitcoin investments via ETFs showcases an escalating trust in this digital asset class, even as certain ETFs encounter difficulties in drawing in funds.
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2024-06-05 08:20