Bitcoin ETFs See $880 Million Inflow in a Single Day, BTC Surges Past $71,000
On Tuesday, U.S.-listed spot Bitcoin ETFs saw a remarkable inflow exceeding $880 million, with Fidelity’s FBTC leading the charge. This marks the highest single-day inflow since March.
Bitcoin Price Surge
Following this influx, Bitcoin surged above $71,000 during the Asian trading session, marking a 3% increase over the past 24 hours. The CoinDesk 20 Index (CD20), which tracks the performance of the largest cryptocurrencies, also rose by 2.65%.
Key ETF Inflows
Preliminary data released on Wednesday indicates that U.S.-listed spot Bitcoin ETFs saw a substantial inflow of over $880 million on Tuesday. Fidelity’s FBTC led the way with an impressive $378 million inflow, making it the top performer among its peers. BlackRock’s IBIT followed closely with $270 million, while Grayscale’s GBTC, despite its reputation for outflows, attracted $28 million.
This inflow represents the largest single-day inflow since March and the second-largest since the launch of 11 Bitcoin ETFs in January.
Recent Trends and Market Impact
Between mid-April and early May, Bitcoin ETFs experienced a period of zero net inflows, with major ETFs like BlackRock’s IBIT even witnessing outflows. However, the recent surge in inflows suggests renewed investor confidence.
According to Bloomberg analyst Eric Balchunas, ETFs have absorbed $3.3 billion over the past four weeks, pushing the year-to-date net inflows past the $15 billion mark.
The significant inflow into Bitcoin ETFs and the subsequent price surge of Bitcoin highlight a resurgence of investor interest and confidence in the cryptocurrency market. With leading ETFs like Fidelity’s FBTC and BlackRock’s IBIT attracting substantial investments, the trend indicates a strong institutional appetite for Bitcoin, driving its price to new heights.
