Bitcoin spot ETFs in the U.S. saw a remarkable influx of $880 million in a single day, marking a momentous financial event. This surge in investment propelled Bitcoin’s value above the $71,000 threshold amidst a bullish market trend.
Within a span of 24 hours, Bitcoin ETFs in the U.S. witnessed a substantial 3% increase in investments, setting a new record. The $880 million inflow on that day marked the second-largest single-day net inflow on record. Following this influx, Bitcoin’s price surged past $71,000 during peak trading hours in Asia.
The CoinDesk 20 index indicated a 2.65% rise in major cryptocurrency tokens, with Fidelity’s FBTC ETF leading the way with an influx of $378 million, surpassing BlackRock’s IBIT and Grayscale’s GBTC. The recent approval of an ether spot ETF in the U.S. further fueled this trend, with a total of $3.3 billion flowing into Bitcoin ETFs the previous month.
Year-to-date investments have now exceeded $15 billion, driven by positive market trends and optimism surrounding the U.S. presidential campaign. Blockchain expert Collin Brown emphasized this significant market movement in a recent tweet, noting the substantial inflows into top ETFs such as 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 highlighted the $3.3 billion accumulation in recent weeks, with a year-to-date net inflow surpassing $15 billion. This uptick in activity follows the approval of an ether spot ETF and a generally optimistic outlook for cryptocurrencies amidst the ongoing U.S. presidential campaign.
After a period of varied performances from mid-April to early May, market sentiment has shifted significantly, as indicated by the robust inflow data. Grayscale’s launch of a Bitcoin Mini ETF with a low fee of 0.15% has raised speculation about the potential impact of strategic fee adjustments on Bitcoin’s price, potentially driving it towards the $80,000 mark.
Currently, Bitcoin is trading at $70,954.54, showing a growth of 3.33% over the past day and a 4.86% increase over the past week. For a visual representation and further analysis, refer to the accompanying chart.