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Grayscale Bitcoin Trust

<ul>
 <li>Bitcoin ETFs see $886.6M inflows, second-highest day, with Fidelity’s fund leading at $378.7M, boosting market confidence.</li>
 <li>Bitcoin price surges to $71K amid strong ETF inflows, reflecting bullish sentiment and increased investor demand.</li>
 <li>Grayscale Bitcoin Trust, now a spot ETF, saw a rare $28.2M inflow despite high fees and net outflows since January.</li>
</ul>
<p>U.S.-based spot Bitcoin exchange-traded funds (ETFs) experienced a notable surge in net inflows, marking their second-highest day ever with nearly $1 billion. According to preliminary data, the influx reached $886.6 million, underscoring growing investor interest and confidence in Bitcoin ETFs.The Fidelity Wise Origin Bitcoin Fund (FBTC) <a href="https://farside.co.uk/?p=997" rel="noopener noreferrer nofollow">emerged</a> as the leader with an impressive $378.7 million in net inflows. This substantial investment reflects Fidelity’s high position in the market and investors’ trust in their Bitcoin fund. BlackRock’s iShares Bitcoin Trust (IBIT) followed closely with $274.4 million, while the ARK 21Shares Bitcoin ETF (ARKB) secured the third position with $138.7 million in net inflows.</p>
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   <p lang="en" dir="ltr">This is crazy. <br><br>Almost +$1b in <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ETF net inflows today.<br><br>Fidelity: +$378.7MM<br>IBIT +$275.0MM<br>ARKB + $138.7MM<br>BITB +$61.0MM<br>GBTC +$28.2MM<br>HODL +$4.0MM<br><br>This is the second highest daily inflows EVER since launch. <br><br>Bullish. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>— Miles Deutscher (@milesdeutscher) <a href="https://twitter.com/milesdeutscher/status/1798162691787550841?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 5, 2024</a>
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<h3 class="wp-block-heading" id="h-record-inflows-since-march"><strong>Record Inflows Since March</strong></h3>
<p>This surge in inflows is the highest since March 12, when Bitcoin ETFs recorded an<a href="https://cryptonewsland.com/bitcoin-etf-inflows-hit-record-highs-amid-rally-to-100k/" rel="noopener noreferrer nofollow"> all time high</a> of $1.04 billion in a single day. The recent inflows highlight a renewed interest and growing demand for <a href="https://cryptonewsland.com/bitcoin-ethereum-and-solana-outshine-traditional-assets-in-annualized-returns/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a>, suggesting a bullish sentiment among investors. Bitcoin’s price also reflected this optimism, climbing to $71,000, a 2.9% increase over the last 24 hours.</p>
<h3 class="wp-block-heading" id="h-grayscale-bitcoin-trust-s-performance"><strong>Grayscale Bitcoin Trust’s Performance</strong></h3>
<p>The Grayscale Bitcoin Trust (GBTC) saw a rare inflow day of $28.2 million, notable for its performance since converting from a closed-end fund to a spot ETF in January. Despite this positive day, GBTC has experienced significant net outflows of over $17.8 billion, attributed to its high management fee and narrowed discount. Initially holding 620,000 BTC, the fund now holds 285,481 BTC, valued at $20.2 billion.</p>
<h3 class="wp-block-heading" id="h-industry-insights-and-analyst-commentary"><strong>Industry Insights and Analyst Commentary</strong></h3>
<p>ETF Store president Nate Geraci addressed Bitcoin critics, highlighting the unexpected demand for Bitcoin ETFs. Geraci disapproved claims that the market for Bitcoin ETFs had saturated, emphasizing the significant inflows as evidence of continued interest. Bloomberg ETF analyst <a href="https://x.com/EricBalchunas" rel="noopener noreferrer nofollow">Eric Balchunas</a> echoed this sentiment, noting the extensive flows into the Bitcoin ETFs, except for Hashdex’s fund, which struggled to attract investors.</p>
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   <p lang="en" dir="ltr">Fidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total. Second best day ever, since Mid-March. $3.3b in past 4wks, net YTD at $15b (which was top end of our 12mo est). The 'third wave' is turning into tidal wave. <a href="https://t.co/S9yeSHaNbV" rel="noopener noreferrer nofollow">https://t.co/S9yeSHaNbV</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1798156058487382232?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 5, 2024</a>
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<h3 class="wp-block-heading" id="strong-market-dynamics-and-future-outlook-strong"><strong>Market Dynamics and Future Outlook</strong></h3>
<p>The high inflows into Bitcoin ETFs indicate a positive market sentiment and potential for future growth. The data from Farside Investors reflects a strong appetite for Bitcoin investment products, with the recent performance underscoring the confidence among institutional and retail investors alike. As Bitcoin continues to become popular, the ETF market is expected to see further developments and increased participation, shaping the future of cryptocurrency investments.</p>
<h4 class="wp-block-heading" id="h-read-also">Read also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/u-s-spot-bitcoin-etfs-maintain-15-day-inflow-streak-with-105m/" rel="noopener noreferrer nofollow">U.S. Spot Bitcoin ETFs Maintain 15-Day Inflow Streak with $105M</a></li>
 <li><a href="https://cryptonewsland.com/grayscales-gbtc-sees-positive-inflow-after-prolonged-downturn/" rel="noopener noreferrer nofollow">Grayscale’s GBTC Sees Positive Inflow After Prolonged Downturn</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-etf-inflows-hit-record-highs-amid-rally-to-100k/" rel="noopener noreferrer nofollow">Bitcoin ETF Inflows Hit Record Highs Amid Rally to $100K</a></li>
 <li><a href="https://cryptonewsland.com/cardano-sees-over-1000-surge-in-inflows-whats-next/" rel="noopener noreferrer nofollow">Cardano Sees Over 1,000% Surge in Inflows: What’s Next?</a></li>
 <li><a href="https://cryptonewsland.com/grayscale-bitcoin-etfs-66-9m-inflow-vanishes-is-it-good-or-bad/" rel="noopener noreferrer nofollow">Grayscale Bitcoin ETF’s $66.9M Inflow Vanishes: Is it Good or Bad?</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/significant-inflows-mark-second-best-day-for-bitcoin-etfs/" rel="noopener noreferrer nofollow">Significant Inflows Mark Second-Best Day for Bitcoin ETFs</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Significant Inflows Mark Second-Best Day for Bitcoin ETFs

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