Bitcoin spot ETFs in the U.S. recently saw a remarkable influx of $880 million in just one day, marking a historic financial event. This surge in investment propelled Bitcoin’s value above the $71,000 threshold during a bullish market trend.
Experiencing a strong 3% growth within a 24-hour period, Bitcoin ETFs in the U.S. have witnessed an unprecedented surge in investments. The staggering inflow of $880 million in a single day now stands as the second-largest net inflow ever recorded. Following this substantial increase, Bitcoin’s price surged past $71,000 during peak trading hours in Asia.
The CoinDesk 20 index reflects a 2.65% rise in major cryptocurrency tokens, with Fidelity’s FBTC ETF leading the way with a $378 million influx, surpassing BlackRock’s IBIT and Grayscale’s GBTC. The recent approval of an ether spot ETF in the U.S. further fueled this trend, resulting in a total of $3.3 billion flowing into Bitcoin ETFs last month.
Year-to-date investments have now crossed the $15 billion mark, driven by positive market trends and optimism stemming from the U.S. presidential campaign. Notable blockchain expert Collin Brown highlighted this significant market movement on Twitter, emphasizing the substantial inflows into top ETFs like Fidelity, IBIT, ARKB, BITB, GBTC, and HODL. The total net asset value of BTC spot ETFs currently stands at an impressive $61.46 billion.
Bloomberg analyst Eric Balchunas pointed out that ETFs have accumulated $3.3 billion in recent weeks, with a year-to-date net exceeding $15 billion. This uptick in activity follows the approval of an ether spot ETF and a generally positive outlook for cryptocurrencies from the ongoing U.S. presidential campaign.
Amidst a period of varied performances from mid-April to early May, the market sentiment has significantly shifted, as indicated by the robust inflow data.
In other news, Grayscale has introduced a Bitcoin Mini ETF featuring a groundbreaking low fee of 0.15%, sparking speculation about the potential impact of strategic fee adjustments on driving Bitcoin’s price towards the $80,000 mark. Currently, Bitcoin is trading at $70,954.54, with a 3.33% growth in the past day and a 4.86% increase over the past week. Refer to the accompanying chart below for a visual representation and further analysis.