Bitcoin spot ETFs in the U.S. saw a remarkable influx of $880 million in just one day, making it a historic financial milestone. This surge in investment propelled Bitcoin’s value above $71,000 amidst a bullish market trend.
Within a span of 24 hours, Bitcoin ETFs in the U.S. experienced a significant 3% increase in investments, marking a historic surge. The record-breaking $880 million inflow on a single day now stands as the second-largest net inflow ever recorded. 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 surge by attracting $378 million, surpassing BlackRock’s IBIT and Grayscale’s GBTC. The recent approval of an ether spot ETF in the U.S. further bolstered this trend, resulting in a total of $3.3 billion flowing into Bitcoin ETFs last month.
Year-to-date investments have now surpassed $15 billion, driven by positive market trends and optimism stemming from the U.S. presidential campaign. Notably, blockchain expert Collin Brown highlighted this market movement in a tweet, 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 the ETFs have amassed $3.3 billion in recent weeks, with a year-to-date net exceeding $15 billion. This increased activity follows the approval of an ether (ETH) spot ETF in the U.S. and a generally positive outlook for cryptocurrencies amidst the ongoing U.S. presidential campaign.
Following a period of mixed performances from mid-April to early May, the market sentiment has notably shifted, as evidenced by the robust inflow data.
In a related development, Grayscale recently introduced a Bitcoin Mini ETF with a low fee of 0.15%, raising speculation about whether such fee adjustments can potentially drive Bitcoin’s price to reach 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 below.