In a groundbreaking financial move, Bitcoin spot ETFs in the United States attracted a staggering $880 million in a single day, setting a new record. This surge in investments propelled Bitcoin’s value above $71,000 as the market trend turned bullish.
With a remarkable 3% increase within 24 hours, Bitcoin ETFs in the U.S. witnessed a historic influx of funds. The $880 million inflow on a single day marked the second-largest net inflow ever recorded. Following this significant boost, Bitcoin’s price surged past $71,000 during peak trading hours in Asia.
The CoinDesk 20 index reported a 2.65% rise in major cryptocurrency tokens, with Fidelity’s FBTC ETF leading the charge with a whopping $378 million inflow, 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 exceeded $15 billion, driven by positive market trends and optimism surrounding 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 amassed $3.3 billion in recent weeks, with a year-to-date net surpassing $15 billion. This surge in activity comes on the heels of the U.S. approving an ether spot ETF and amid a generally positive outlook for cryptocurrencies driven by the ongoing presidential campaign.
After a period of mixed performances in mid-April to early May, the market sentiment has shifted significantly, evident in the robust inflow data. The launch of Grayscale’s Bitcoin Mini ETF with a low fee of 0.15% raises questions about whether strategic fee adjustments can propel Bitcoin’s price to $80,000.
Currently, Bitcoin is trading at $70,954.54, showing a 3.33% growth in the past day and a 4.86% increase over the past week. For a visual representation and in-depth analysis, refer to the accompanying chart below.