Flow

Bitcoin ETF

Spot

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 Bitcoin is showing strong bullish resilience at around the $71,000 mark, as Spot Bitcoin Exchange-Traded Funds in the US record their second-highest day since March 12.&nbsp;
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There appears to be increasing investor confidence in the US spot Bitcoin ETFs, as <a style="color: #0000ff;" href="https://x.com/farsideuk/status/1798200115598934065?s=46" rel="noopener noreferrer nofollow">data</a> from a London-based investment firm, Farside Investors, reveals that the US ETFs market recorded a cumulative net inflow of $886.75 million for the trading day ending June 4, 2024.&nbsp;
According to the data, Fidelity Investments’ $FBTC led the pack, with a net flow of $378.7 million for the day, while BlackRock’s $IBIT ($274.4 million), Ark21Invests’ $ARKB ($138.7 million), BitWise’ $BITB ($61 million), and Grayscale’s $GBTC ($28.2 million), respectively.&nbsp;
Notably, Bitcoin’s price crossed the $71,000 resistance zone on the same day, before retracing a bit to $70,700. Currently, the cryptocurrency is trading at around $70,925, according to <a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">data</a> from CoinMarketCap. Meanwhile, some analysts have predicted, pointing a a variety of factors such as the current market conditions and a potential slowdown of the U.S. economy,&nbsp; that a price rally is imminent
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Since their <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/u-s-sec-greenlights-spot-bitcoin-etps-after-11-years-and-20-rejections/" rel="noopener noreferrer nofollow">launch on January 10, 2024</a>, the US spot ETFs have been on an interesting journey. Currently, all the ten approved funds have experienced total inflows of up to $14.8 billion—this figure also accounts for the significant outflows from $GBTC’s portfolio.&nbsp;
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/crypto-stakeholder-downplays-us-governments-planned-bitcoin-sale-points-to-grayscales-massive-outflows/" rel="noopener noreferrer nofollow">Crypto Stakeholder Downplays US Government’s Planned Bitcoin Sale, Points to Grayscale’s Massive Outflows</a>
Moreover, BlackRock’s iShares Bitcoin Trust, <a style="color: #0000ff;" href="https://defi-planet.com/2024/05/blackrocks-ibit-overtakes-grayscale-as-largest-bitcoin-fund/" rel="noopener noreferrer nofollow">$IBIT, recently overtook Graysale’s $GBTC</a> to become the largest spot Bitcoin ETF in the United States and globally.&nbsp;
So far, BlackRock’s spot Bitcoin ETF accrued over 288,670 BTC in assets under management (AUM), whereas Grayscale’s $GBTC accrued about 287,450 BTC of AUM in its portfolio. Currently, $IBIT is leading the pack of ETFs with <a style="color: #0000ff;" href="https://x.com/farsideuk/status/1798200115598934065?s=46" rel="noopener noreferrer nofollow">$16.9 billion in AUM</a>, followed by $GBTC and $FBTC ($9.3 billion)
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The post <a href="https://defi-planet.com/2024/06/bitcoins-price-stabilises-as-spot-bitcoin-etf-net-flow-surpasses-886-million-for-second-highest-day-ever/" rel="noopener noreferrer nofollow">Bitcoin’s Price Stabilises as Spot Bitcoin ETF Net Flow Surpasses $886 Million for Second-Highest Day Ever</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Bitcoin’s Price Stabilises as Spot Bitcoin ETF Net Flow Surpasses $886 Million for Second-Highest Day Ever

DeFi Planet

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