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US Spot Bitcoin ETFs Record Second-Best Day Ever as BTC Hits 2-Week High

US spot Bitcoin ETFs recorded their second-best day ever as BTC hit a 2-week high. Binance Coin (BNB) skyrocketed to an all-time high, with a market cap bigger than UBS and Starbucks.
News
Dot
June 6, 2024
Dean Fankhauser

Dean has an economics and startup background which led him to create Bitcompare. He primarly writes opinion pieces for Bitcompare. He's also been a guest on BBC World, and interviewed by The Guardian and many other publications.

in
TABLE OF CONTENTS

On June 5, 2024, US spot Bitcoin exchange-traded funds (ETFs) recorded their second-best day ever, attracting a massive $886.6 million in inflows. This significant influx of capital marks the highest net inflows since March, indicating a resurgence in demand for Bitcoin investments. The surge in inflows coincided with Bitcoin's price reaching a two-week high, crossing the $71,000 mark.

Key Highlights of the ETF Inflows

  • Fidelity's Wise Origin Bitcoin Fund led the pack with $378.7 million in net inflows, followed by BlackRock's iShares Bitcoin Trust with $274.4 million.
  • ARK 21Shares Bitcoin ETF saw $138.7 million in net inflows, making it the third-best performer.
  • Grayscale Bitcoin Trust experienced a rare inflow day, adding $28.2 million to its assets.

Impact on the Market

The significant inflows into Bitcoin ETFs have several implications for the market:

  1. Renewed Institutional Interest: The surge in inflows suggests that institutional investors are once again showing interest in Bitcoin, driving up demand and prices.
  2. Price Resurgence: The price of Bitcoin has responded positively to the increased demand, reaching a two-week high of $71,000.
  3. Maturing Infrastructure: The growth of Bitcoin ETFs, particularly those from major firms like Fidelity and BlackRock, indicates a maturing infrastructure for institutional Bitcoin investment.
  4. Global Regulatory Climate: The recent approvals and listings of Bitcoin-regulated funds in countries like Australia, the UK, and Thailand have contributed to the warming regulatory climate, attracting more capital to Bitcoin ETFs.

Binance Coin (BNB) Skyrockets to an All-Time High

In addition to the Bitcoin ETF inflows, Binance Coin (BNB) has seen a remarkable surge, reaching a new all-time high. This milestone is significant as BNB's market capitalization now surpasses that of well-established companies like UBS and Starbucks.

Conclusion

The record-breaking inflows into US-spot Bitcoin ETFs and the price rally of Bitcoin are strong indicators of growing confidence in the cryptocurrency market. The maturing infrastructure and warming regulatory climate are expected to continue driving demand and prices higher. The simultaneous surge in Binance Coin (BNB) further underscores the robustness of the cryptocurrency market.

Bitcoin ETF
Binance
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News
June 6, 2024

US Spot Bitcoin ETFs Record Second-Best Day Ever as BTC Hits 2-Week High

HomeNews
Blog Post
Contents

On June 5, 2024, US spot Bitcoin exchange-traded funds (ETFs) recorded their second-best day ever, attracting a massive $886.6 million in inflows. This significant influx of capital marks the highest net inflows since March, indicating a resurgence in demand for Bitcoin investments. The surge in inflows coincided with Bitcoin's price reaching a two-week high, crossing the $71,000 mark.

Key Highlights of the ETF Inflows

  • Fidelity's Wise Origin Bitcoin Fund led the pack with $378.7 million in net inflows, followed by BlackRock's iShares Bitcoin Trust with $274.4 million.
  • ARK 21Shares Bitcoin ETF saw $138.7 million in net inflows, making it the third-best performer.
  • Grayscale Bitcoin Trust experienced a rare inflow day, adding $28.2 million to its assets.

Impact on the Market

The significant inflows into Bitcoin ETFs have several implications for the market:

  1. Renewed Institutional Interest: The surge in inflows suggests that institutional investors are once again showing interest in Bitcoin, driving up demand and prices.
  2. Price Resurgence: The price of Bitcoin has responded positively to the increased demand, reaching a two-week high of $71,000.
  3. Maturing Infrastructure: The growth of Bitcoin ETFs, particularly those from major firms like Fidelity and BlackRock, indicates a maturing infrastructure for institutional Bitcoin investment.
  4. Global Regulatory Climate: The recent approvals and listings of Bitcoin-regulated funds in countries like Australia, the UK, and Thailand have contributed to the warming regulatory climate, attracting more capital to Bitcoin ETFs.

Binance Coin (BNB) Skyrockets to an All-Time High

In addition to the Bitcoin ETF inflows, Binance Coin (BNB) has seen a remarkable surge, reaching a new all-time high. This milestone is significant as BNB's market capitalization now surpasses that of well-established companies like UBS and Starbucks.

Conclusion

The record-breaking inflows into US-spot Bitcoin ETFs and the price rally of Bitcoin are strong indicators of growing confidence in the cryptocurrency market. The maturing infrastructure and warming regulatory climate are expected to continue driving demand and prices higher. The simultaneous surge in Binance Coin (BNB) further underscores the robustness of the cryptocurrency market.

Bitcoin ETF
Binance
Dean Fankhauser

Dean has an economics and startup background which led him to create Bitcompare. He primarly writes opinion pieces for Bitcompare. He's also been a guest on BBC World, and interviewed by The Guardian and many other publications.

in

On June 5, 2024, US spot Bitcoin exchange-traded funds (ETFs) recorded their second-best day ever, attracting a massive $886.6 million in inflows. This significant influx of capital marks the highest net inflows since March, indicating a resurgence in demand for Bitcoin investments. The surge in inflows coincided with Bitcoin's price reaching a two-week high, crossing the $71,000 mark.

Key Highlights of the ETF Inflows

  • Fidelity's Wise Origin Bitcoin Fund led the pack with $378.7 million in net inflows, followed by BlackRock's iShares Bitcoin Trust with $274.4 million.
  • ARK 21Shares Bitcoin ETF saw $138.7 million in net inflows, making it the third-best performer.
  • Grayscale Bitcoin Trust experienced a rare inflow day, adding $28.2 million to its assets.

Impact on the Market

The significant inflows into Bitcoin ETFs have several implications for the market:

  1. Renewed Institutional Interest: The surge in inflows suggests that institutional investors are once again showing interest in Bitcoin, driving up demand and prices.
  2. Price Resurgence: The price of Bitcoin has responded positively to the increased demand, reaching a two-week high of $71,000.
  3. Maturing Infrastructure: The growth of Bitcoin ETFs, particularly those from major firms like Fidelity and BlackRock, indicates a maturing infrastructure for institutional Bitcoin investment.
  4. Global Regulatory Climate: The recent approvals and listings of Bitcoin-regulated funds in countries like Australia, the UK, and Thailand have contributed to the warming regulatory climate, attracting more capital to Bitcoin ETFs.

Binance Coin (BNB) Skyrockets to an All-Time High

In addition to the Bitcoin ETF inflows, Binance Coin (BNB) has seen a remarkable surge, reaching a new all-time high. This milestone is significant as BNB's market capitalization now surpasses that of well-established companies like UBS and Starbucks.

Conclusion

The record-breaking inflows into US-spot Bitcoin ETFs and the price rally of Bitcoin are strong indicators of growing confidence in the cryptocurrency market. The maturing infrastructure and warming regulatory climate are expected to continue driving demand and prices higher. The simultaneous surge in Binance Coin (BNB) further underscores the robustness of the cryptocurrency market.

Written by
Dean Fankhauser
Bitcoin ETF
Binance

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Bitcompare.net is a trading name of Tokentalk Ltd. Registered in England No. 11332964. Registered Office: Unit 3 Mitcham Industrial Estate, 85 Streatham Road, Mitcham, United Kingdom, CR4 2AP.

Advertiser disclosure: Bitcompare is a comparison engine that relies on advertising for funding. The business opportunities that can be found on this site are offered by companies with which Bitcompare has made deals. This relationship may affect the way and where products appear on the site, such as in what order they are listed in categories. Information about products may also be placed based on other factors, such as the ranking algorithms on our website. Bitcompare does not look at or list all companies or products on the market.
‍
Editorial disclosure: The editorial content on Bitcompare is not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. The opinions expressed here are the author’s alone. Additionally, the opinions expressed by the commenters do not necessarily reflect those of Bitcompare or its staff. When you leave a comment on this site, it will not show up until a Bitcompare administrator approves it.

Warning: The price of digital assets can be volatile. The value of your investment can go down or up, and you may not get back the amount invested. You are the only one who is responsible for the money you invest, and Bitcompare is not responsible for any losses you might have. Any APR shown is a rough estimate of how much cryptocurrency you will earn in rewards over the time period you choose. It does not display the actual or predicted returns or yields in any fiat currency. The APR is adjusted daily, and the estimated rewards may differ from the actual rewards generated. The information on this page is not meant to be a sign from Bitcompare that the information is correct or reliable. Before making any investment, you should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult with an independent financial advisor. Links to third-party sites are not under the control of Bitcompare, and we are not responsible for the reliability or accuracy of such sites or their contents. For more information, see the Terms of Service for Bitcompare and our Risk Warning.