Bitcoin Above $71k, As BTC ETFs Record $887M Inflows, The Highest Since March

[Vanessa]

Bitcoin has surged past the $71,000 mark, marking a significant milestone for the cryptocurrency market. As of the time of writing, Bitcoin is up by over 3%, reflecting growing investor confidence and market activity.

Record Inflows in Bitcoin ETFs

On June 4, Bitcoin ETFs recorded the second-highest single-day net inflow in history, with a total of $887 million in net inflows. This remarkable influx is only surpassed by the record set on March 12, when BTC ETFs saw $1.05 billion in inflows, according to data from SoSoValue.

Here is a breakdown of the inflows and outflows in Bitcoin ETFs recorded on June 4:

Grayscale’s Bitcoin ETF (GBTC): $28 million in inflows

BlackRock’s Bitcoin ETF (IBIT): $274 million in inflows

Fidelity’s Bitcoin ETF (FBTC): $379 million in total net inflows

Ark Invest and 21Shares’ Bitcoin ETF (ARKB): $139 million in inflows

Bitwise’s Bitcoin ETF (BITB): $61 million in total net inflows

VanEck’s Bitcoin ETF (HODL): $4 million in inflows

Valkyrie Digital Assets’ Bitcoin ETF (BRRR): $2 million in inflows

Notably, June 4 marked the 16th consecutive day of inflows for these crypto products, with Fidelity leading the charge.

The total net asset value of the Bitcoin ETFs reached $61.4 billion, demonstrating the growing interest and trust in Bitcoin as an investment vehicle.

Fidelity Exec Recommends Bitcoin Investment

Matt Horne, an executive at Fidelity, has recently suggested that investors should consider allocating a portion of their portfolio to Bitcoin. According to Horne, many traditional investors and asset managers remain hesitant about investing in Bitcoin and the broader crypto market due to the perceived lack of data and understanding of this new asset class.

Horne emphasized the importance of understanding the underlying reasons for owning Bitcoin and the benefits of blockchain technology. He recommended a small allocation, typically between 1-5%, as sufficient for most investors.

Conclusion

The recent surge in Bitcoin’s price and the substantial inflows into Bitcoin ETFs underscore the growing acceptance and confidence in cryptocurrency investments. With industry leaders like Fidelity advocating for Bitcoin allocation, it is clear that Bitcoin is cementing its position as a valuable asset in the financial landscape.

As the market continues to evolve, staying informed about such developments is crucial for investors. Follow us for the latest updates and insights on the world of cryptocurrency.