In a groundbreaking financial move, Bitcoin spot ETFs in the U.S. saw an enormous $880 million influx in just one day, setting a new record. This surge in investments propelled Bitcoin’s value back above $71,000 amidst a bullish market trend.
Experiencing a remarkable 3% increase within a 24-hour period, U.S.-based Bitcoin ETFs witnessed a historic surge in investments. The unprecedented inflow of $880 million in a single day marked 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 showed 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 fueled this trend, resulting in a total of $3.3 billion flowing into Bitcoin ETFs last month.
This surge in investments, totaling over $15 billion year-to-date, was driven by positive market trends and optimism surrounding the U.S. presidential campaign. Expert Collin Brown emphasized this market movement, highlighting significant inflows into top ETFs like Fidelity, IBIT, ARKB, BITB, GBTC, and HODL, bringing the total net asset value of BTC spot ETFs to an impressive $61.46 billion.
Bloomberg analyst Eric Balchunas noted that recent ETF activity has accumulated $3.3 billion, with a year-to-date net exceeding $15 billion. This increased activity follows the approval of an ether spot ETF and positive sentiment towards cryptocurrencies from the ongoing U.S. presidential campaign.
After a period of mixed performances from mid-April to early May, market sentiment has significantly shifted, as evidenced by the robust inflow data. Grayscale’s launch of a Bitcoin Mini ETF with a low fee of 0.15% has raised questions 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 over the past day and a 4.86% increase over the past week. For further insights, refer to the accompanying chart below.
