In the last 48 hours, Bitcoin ETFs have seen a significant increase in inflows, totaling $1.4 billion, marking 17 consecutive days of positive net flows. Fidelity has outperformed BlackRock in the past day, bringing in $220 million.
Despite the surge in ETF activity, Bitcoin’s price has remained relatively stable, with a modest increase of less than 1% in the last 24 hours, hovering just above $71,000. While many expected a more substantial impact on the asset’s value, the influx of funds into ETFs has not significantly affected Bitcoin’s market price.
On June 4, Bitcoin ETFs experienced a record-breaking inflow of $886 million, indicating a growing interest in cryptocurrency among institutional investors. The following day, ETFs continued to attract funds, bringing in $488.1 million worth of assets, equivalent to 6,855 BTC.
While BlackRock’s IBIT ETF has been leading the pack, Fidelity has emerged as a strong competitor, surpassing BlackRock’s inflows on both June 4 and June 5. Ark’s ETF also saw a notable increase, attracting $71.4 million in funds.
Grayscale, once the largest ETF, has shown signs of stabilization after a series of outflows. Despite losing assets on several occasions, Grayscale recorded $14.6 million in inflows yesterday, indicating a potential turnaround in investor sentiment.
BlackRock’s continuous growth in assets under management has enabled IBIT to surpass Grayscale to become the largest Bitcoin ETF. As of now, BlackRock manages $20.146 billion, slightly ahead of Grayscale’s $20.122 billion.
The increase in ETF inflows contrasts with a decline in Google search interest for ‘Bitcoin ETF,’ which has a low score of 1 on Google Trends. However, ‘Bitcoin’ remains a popular search term with a score of 31. The surge in searches for ‘onchain,’ reaching a new high of 100, suggests a growing interest in blockchain technology beyond speculative investments.
Despite the renewed interest in ETFs, Bitcoin’s price remains relatively stable at $71,134, failing to capitalize on the recent uptick in activity. The cryptocurrency market, including Bitcoin, has been in a consolidation phase for weeks, with attempts to break past key resistance levels proving unsuccessful.
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