Spot BTC ETFs begin 4th consecutive week with positive inflows

Spot Bitcoin (BTC) exchange traded funds (AND F) in the United States began its fourth consecutive week with positive gains while BTC consolidates.

According to data Provided by Farside Investors, spot BTC ETF products in the United States recorded $105.1 million in inflows on June 3, marking a positive entry in the fourth consecutive week.

The majority of inflows came from the Fidelity Wise Origin Bitcoin Fund (FBTC), worth $77 million. Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF (ARKB) saw $14.3 million and $10.7 million in inflows, respectively.

Additionally, the VanEck Bitcoin Trust ETF (HODL) and WisdomTree Bitcoin Fund (BTCW) accounted for a smaller share of inflows, seeing $2 million and $1.1 million in net inflows, respectively.

The largest BTC ETF, iShares Bitcoin Trust (IBIT), with over $16.65 billion in net inflows since the launch of investment products in the United States, remained neutral on June 3. Grayscale Bitcoin Trust (GBTC) also saw net flows of $0.

Notably, Bitcoin ETFs have consistently recorded positive net flows since May 10 with only one day of Cumulative flows of $0 on May 27.

This is the second longest positive period, 16 days, for BTC ETFs in the United States – the products saw 18 days of consistent inflows between January 26 and February 20.

Bitcoin’s reaction

Bitcoin has mainly consolidated between $68,800 and $69,300 over the past day. The flagship cryptocurrency briefly hit a seven-day high of $70,230 around 1:50 p.m. UTC on June 3.

BTC Price – June 3 | Source: Commercial View

BTC price is down 0.11% in the last 24 hours and is trading at $69,020 at the time of writing. The asset’s market capitalization stands at $1.36 trillion, with 50.4% dominance over the entire cryptocurrency market.

Data shows that Bitcoin’s daily trading volume jumped 30%, reaching $29.5 billion.

Source