A breakthrough in the world of cryptocurrency occurred as Bitcoin spot ETFs in the United States witnessed an unprecedented inflow of $880 million in just one day, making it a historic financial event.
This surge in investments led to a significant rise in Bitcoin’s value, surpassing the $71,000 mark during a bullish market trend. Within a 24-hour period, Bitcoin ETFs in the U.S. experienced a remarkable 3% increase, marking a record-breaking influx of $880 million, the second-largest single-day net inflow ever recorded. As a result, Bitcoin’s price soared 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 attracting $378 million, outperforming 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 last 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 highlighted this market movement, emphasizing 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 noted that ETFs have accumulated $3.3 billion in recent weeks, with a year-to-date net inflow surpassing $15 billion. This increased activity follows the approval of an ether spot ETF and a generally positive outlook for cryptocurrencies from the ongoing U.S. presidential campaign.
Market sentiment has shifted significantly, with a surge in inflows indicating a favorable outlook for the cryptocurrency market. Grayscale’s launch of a Bitcoin Mini ETF with a low fee of 0.15% has sparked discussions on whether strategic fee adjustments can drive Bitcoin’s price to $80,000.
Currently, Bitcoin is trading at $70,954.54, experiencing a growth of 3.33% in 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.