Bitcoin ETFs See Nearly $900 Million Inflows on June 4, Pushing Price Above $71,000

Jun 5, 2024, 09:24 AM

Bitcoin ETFs in the U.S. have seen a significant surge in inflows, with nearly $900 million recorded on June 4, marking the second-highest day ever. Major players like BlackRock, Fidelity, Ark Invest, Bitwise, and Grayscale contributed substantial amounts, with Fidelity leading at $378.7 million, followed by BlackRock at $274.4 million, Ark at $138.7 million, Bitwise at $61 million, and Grayscale at $28.2 million. This influx has driven Bitcoin's price above $71,000. The trend continued on June 5, with another $488 million in inflows, bringing the two-day total to $1.4 billion. This marks 17 consecutive days of net inflows, underscoring strong institutional interest and potential supply constraints in the Bitcoin market, equivalent to 28 days of supply.