Bitcoin Crosses $71K as BTC ETFs See $880M Inflows in Best Day Since March

U.S.-listed spot bitcoin ETFs saw over $880 million in inflows on Tuesday, led by Fidelity’s FBTC.
Bitcoin rose over $71,000 in Asian trading hours, adding 3% in the past 24 hours, with the CoinDesk 20 index rising 2.65%.

U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETF) saw over $880 million in inflows on Tuesday led by Fidelity, provisional data released on Wednesday shows.

Bitcoin rose over $71,000 in Asian trading hours as the data went public, adding 3% in the past 24 hours. The broad-based CoinDesk 20 (CD20), an index of the largest tokens, rose 2.65%

Fidelity’s FBTC took on $378 million in inflows, the highest among counterparts. BlackRock’s IBIT followed with $270 million, while Grayscale’s GBTC – infamous for its outflows – took on $28 million.

This marked the best day of inflows since March and the second-highest overall since 11 bitcoin ETFs went live in January.

Inflow activity has picked up recently amid a generally bullish sentiment after a dismal few weeks from mid-April to early May, a period that saw zero net inflows on some days and even outflows from major ETFs such as BlackRock’s IBIT.

Bloomberg analyst Eric Balchunas said on X that the ETFs have taken on $3.3 billion in the past four weeks, and their net year-to-date has crossed the $15 billion mark.

The higher activity comes a few weeks after ether (ETH) spot ETF got approved for listing in the U.S. and a positive outlook for cryptocurrencies from the ongoing U.S. presidential campaign.

Edited by Parikshit Mishra.

Disclosure

Please note that our

cookies,

and

do not sell my personal information

has been updated

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a

strict set of editorial policies.

In November 2023

, CoinDesk was acquired

by the Bullish group, owner of

Bullish,

a regulated, digital assets exchange. The Bullish group is majority-owned by

Block.one; both companies have

interests

in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.

CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Follow @shauryamalwa on Twitter

Share this: