Bitcoin exchange-traded funds (ETFs) in the United States saw their second-highest daily inflow ever on Tuesday, taking in more than $886 million. This represents the largest single-day withdrawal of funds since March.
New: 🇺🇸 #Bitcoin ETFs saw inflows of $886 million yesterday, the 16th straight day of inflows.
We are back 🙌 pic.twitter.com/Er2KDgXr9E
– Bitcoin Magazine (@BitcoinMagazine) June 5, 2024
The ETFs have now seen 16 straight days of inflows, sparking talk of a “second wave” of demand. Fidelity's Wise Origin Bitcoin Fund led inflows with $378.7 million, followed by BlackRock's iShares Bitcoin Trust with $274.4 million.
In total, spot Bitcoin ETFs hold over $60 billion worth of Bitcoin. Analysts point to renewed institutional interest and Bitcoin prices rising back above $70,000 as drivers of the latest wave of inflows.
This is the highest daily rate of funds since March 12, when it received a record high of $1.04 billion. The next day, Bitcoin reached an all-time high of $73,679, demonstrating the potential impact of inflows.
Grayscale Bitcoin Trust also had a rare $28.2 million inflow day, just the seventh day since converting to an exchange-traded fund in January. He joins the renewed enthusiasm despite bleeding money for most of the year.
With major players like Fidelity and BlackRock now holding tens of billions in assets, the infrastructure for institutional investment in Bitcoin continues to mature.
The latest inflow comes after Australia, the UK and Thailand's recent approval and listing of Bitcoin regulated funds. As the regulatory climate heats up around the world, Bitcoin ETFs are attracting capital once again.
