ETFs
Bitcoin Spot ETFs Can’t Get Enough With Historic 18-Day Buying Frenzy: Is This Another Gold Rush?
A telling reflection of the growing institutional demand for cryptocurrencies, Bitcoin (CRYPTO:BTC) Spot exchange-traded funds in the United States attracted net inflows for a record 18th day.
What happened: The 11 investment vehicles that track spot prices of the world’s largest digital asset saw positive flows of $217.78 million on June 5, according to data from SoSo Value. Thus, total inflows since ETF trading began in early January increased to $15.56 billion.
Over $62 billion worth of Bitcoin has backed these funds, representing 4.47% of its total circulating supply.
Cash ETFs last saw net outflows on May 10. Since then, every trading day has seen a net inflow of capital.
BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) leads other funds, with $350 million in net inflows, followed by loyalty (BATS:FBTC) which recorded $3 million in inflows.
Grayscale Bitcoin Trust (NYSE:GBTC) saw net outflows of $38 million.
Blackrock’s ETF recently made Grayscale the largest Bitcoin fund in the world, with net assets exceeding $21 million at the time of writing.
Why is this important: The longer streak of net inflows reflects growing optimism for the digital asset, vying for a larger share of investment from TradFi giants.
The listing of spot ETFs in the United States has driven a nearly 70% rise in Bitcoin’s value since the start of the year, helping it reach new highs.
Price action: At the time of writing, Bitcoin was trading at $71,261.50, following a slight increase of 0.55% over the past 24 hours, according to data from Benzinga Pro.
Read next: Another microstrategy in the works? Semler Scientific Buys 247 More Bitcoins to Bring Total Portfolio Past $58 Million: “We Will Continue to Buy More”
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