Author
Steve Muchoki
Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
Bitcoin (BTC) price pumped more than 3 percent in the past 24 hours to trade around $71,152 on Wednesday, during the early London session. The recent Bitcoin jump to retest its all-time high carried with it the entire crypto industry, led by Binance’s native coin BNB and Floki Inu (FLOKI). The crypto bullish sentiments had been piling up for the past few months since the approval of spot Bitcoin ETFs in the United States and Hong Kong coupled with the fourth halving event.
As Coinspeaker previously reported, Thailand SEC joined the spot Bitcoin ETF global wagon, thus increasing the chances of other nations following the same path.
Institutional Investors Proliferate the US-Spot Bitcoin ETFs
As Bitcoin price signaled an inevitable rally towards new ATH soon, United States-based spot Bitcoin ETFs are in the third wave of major cash inflows since inception. As Coinspeaker explained, more fund managers have been entering the spot Bitcoin ETF industry with total inflows on Monday totaling around $105 million.
According to market data provided by SoSoValue, the US-based spot Bitcoin ETF registered a total cash inflow of about $886.76 million, thus surpassing $61 billion in total net assets.
Notably, Grayscale Investments’ GBTC registered a total cash inflow of about $28 million on Tuesday to a total of about $20.12 billion. BlackRock Inc (NYSE: BLK)-backed iShares Bitcoin Trust (NASDAQ: IBIT) registered a total cash inflow of about $274 million to a net holding of around $20.82 billion.
Fidelity Investments-backed Fidelity Wise Origin Bitcoin Fund (Cboe BZX: FBTC) has had one of its best days since inception with a total cash inflow of about $379 million to a net holding of around $12.01 billion. The ARK 21Shares Bitcoin ETF (Cboe BZX: ARKB) reported a total cash inflow of about $139 million, thus currently holding a total of around $3.47 billion.
The Bitwise Bitcoin ETF (NYSE Arca: BITB) registered a total cash inflow of about $61 million on Tuesday to a total holdings of around $2.67 billion. The rest of the spot Bitcoin ETF issuers registered less than $5 million on Tuesday, but none had a net outflow by the close of the day. Furthermore, the US-based spot Bitcoin ETFs have registered 16 consecutive days of total cash inflows.
🚨 $BTC #ETF Net Inflow June 4, 2024: +$887M!
• This is the second-highest net inflow ever! 🎉
• #Fidelity (FBTC) continued to lead yesterday’s inflows with $378.7M, followed by #BlackRock (IBIT) with $275M.
• #Grayscale (GBTC) also experienced an inflow again, after 9 days… pic.twitter.com/pYq5D63f2G
— Spot On Chain (@spotonchain) June 5, 2024
Market Picture
Amid the notable demand for Bitcoin and digital assets from both retail and institutional investors, BlackRock and Citadel Securities are planning on starting a new national stock exchange in Texas that leverages blockchain technology.
Texas Stock Exchange?
BlackRock & Citadel backing group w/ plans to start new national stock exchange.
Would seek to list ETFs.
via @cdriebusch pic.twitter.com/APwtaUb2yr
— Nate Geraci (@NateGeraci) June 5, 2024
The favoring of cryptocurrency regulations in Europe, the United States, and the United Kingdom, among other jurisdictions, has significantly helped attract more investments in the last few months.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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