TL;DR
- Significant Inflows: Spot Bitcoin ETFs in the US saw a substantial increase in daily net inflows, reaching $886.75 million, marking the second-highest single-day inflow on record.
- Leading Funds: Most of the inflows were attributed to Fidelity’s FBTC and BlackRock’s IBIT, with notable contributions from Ark Invest and 21Shares’ ARKB, and Bitwise’s BITB.
- Investor Optimism: Bitcoin’s price briefly surpassed $71,000, driven by investor confidence linked to the impressive inflows into spot Bitcoin ETFs and predictions of reaching the $100,000 milestone.
US Bitcoin ETFs experienced a significant increase in daily net inflows, generating inflows of $886.75 million. This marks the second-highest single-day inflow since these funds were listed; The highest record was $1.05 billion on March 12.
The bulk of Tuesday’s inflows came from Fidelity’s FBTC, which added $379 million. BlackRock’s IBIT followed with net inflows of $274 million, according to SoSoValue data. Other notable participants include Ark Invest and 21Shares’ ARKB, which saw inflows of $139 million, and Bitwise’s BITB, which recorded $61 million.
Bitcoin ETFs Cumulative Total Net Inflows
Overall, cumulative total net inflows for spot Bitcoin ETFs currently stand at $14.85 billion. This inflow was the 16th consecutive day of net inflows for the 11 spot Bitcoin ETFs, falling just one day short of the longest streak of positive flows recorded from January to mid-February.
Bitcoin’s Value and Investor Confidence
Bitcoin’s price surged past $71,000 for a short period last night and is currently hovering around $70,900. The sudden boost in investor optimism seems to be the U.S. spot Bitcoin ETFs, which recorded an impressive daily inflow of $886.75 million.
According to a report from the Bangkok Post, One Asset Management’s spot Bitcoin exchange-traded fund was approved by the Thailand Securities and Exchange Commission on June 4. This milestone makes One Asset Management the pioneer in offering spot Bitcoin ETFs in the country. Nevertheless, regulators have emphasized that the fund should only be accessible to affluent and institutional investors.
Predictions for Bitcoin’s Future
Big-time investors are pushing for Bitcoin to hit the $100,000 milestone. According to Galaxy Digital CEO Mike Novogratz, “If we reach $73,000 in the next few weeks, we could finish the year at $100,000 or even higher.”
Investors are probably getting ready for a rate reduction from the Federal Reserve in the upcoming weeks. Most market participants anticipate a cut of at least 25 bps during the September Federal Open Market Committee meeting, while some investors are even hoping for a 50 bps cut, as per the CME FedWatch tool.
Bitcoin Price Increase Spurs Investor Interest
The price of Bitcoin has risen by 3.2% in the last 24 hours and has seen a gain of almost 10% in the last 30 days. This surge in Bitcoin’s value has caught the attention of investors, as many cryptocurrencies with a market capitalization exceeding $1 billion have experienced positive growth in the past day.
FLOKI and ORDI have seen significant gains, with both coins surging over 20% in the last 24 hours. Additionally, Uniswap, Stacks, BNB, and Starknet have all experienced a rise of 10% to 20% within the same time frame.
