Bitcoin is showing strong bullish resilience at around the $71,000 mark, as Spot Bitcoin Exchange-Traded Funds in the US record their second-highest day since March 12.
There appears to be increasing investor confidence in the US spot Bitcoin ETFs, as data from a London-based investment firm, Farside Investors, reveals that the US ETFs market recorded a cumulative net inflow of $886.75 million for the trading day ending June 4, 2024.
According to the data, Fidelity Investments’ $FBTC led the pack, with a net flow of $378.7 million for the day, while BlackRock’s $IBIT ($274.4 million), Ark21Invests’ $ARKB ($138.7 million), BitWise’ $BITB ($61 million), and Grayscale’s $GBTC ($28.2 million), respectively.
Notably, Bitcoin’s price crossed the $71,000 resistance zone on the same day, before retracing a bit to $70,700. Currently, the cryptocurrency is trading at around $70,925, according to data from CoinMarketCap. Meanwhile, some analysts have predicted, pointing a a variety of factors such as the current market conditions and a potential slowdown of the U.S. economy, that a price rally is imminent
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Since their launch on January 10, 2024, the US spot ETFs have been on an interesting journey. Currently, all the ten approved funds have experienced total inflows of up to $14.8 billion—this figure also accounts for the significant outflows from $GBTC’s portfolio.
Moreover, BlackRock’s iShares Bitcoin Trust, $IBIT, recently overtook Graysale’s $GBTC to become the largest spot Bitcoin ETF in the United States and globally.
So far, BlackRock’s spot Bitcoin ETF accrued over 288,670 BTC in assets under management (AUM), whereas Grayscale’s $GBTC accrued about 287,450 BTC of AUM in its portfolio. Currently, $IBIT is leading the pack of ETFs with $16.9 billion in AUM, followed by $GBTC and $FBTC ($9.3 billion)
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