- Bitcoin ETFs had an impressive $886 million inflow on 4th June.
- Analysts tipped a move to $74K if the US May job report, set for Friday, turns out positive for the market.
As an experienced financial analyst, I’m closely monitoring the recent developments in the Bitcoin market. The impressive net inflows of over $886 million into Bitcoin ETFs on June 4th is a clear sign of growing investor confidence and increasing institutional adoption. Fidelity’s FBTC led the charge with a significant $378.7 million inflow, followed by substantial inflows into BlackRock’s IBIT and ARKB. These flows have collectively pushed the total assets under management in Bitcoin ETFs to new heights, with BlackRock’s IBIT crossing the $20 billion mark.
As a market analyst, I’ve noticed an uptick in Bitcoin (BTC) accumulation by US-listed spot exchange-traded funds (ETFs) despite the lack of significant price movement. Over the past two weeks, these ETFs have reportedly seen consecutive positive net inflows since May 13th.
On the 4th of June, which was a Tuesday, the total inflow into the collective net reached an impressive $886.75 million. A significant portion of this influx, approximately $378.7 million, could be attributed to Fidelity’s FBTC. This substantial demand on Tuesday caused Bitcoin (BTC) to surge past $71K and surpassed its value as reported at press time.
In response to the significant influxes observed on Tuesday, Eric Balchunas, an analyst at Bloomberg ETF, referred to these inflows as the “third surge.”
As a crypto investor, I’m excited to share that Fidelity is making some significant moves today in the market for The Ten cryptocurrencies, with over $1 billion in total flows. This marks our second-best day since mid-March, and we’ve seen an impressive $3.3 billion in inflows over the past four weeks. With a net YTD investment of $15 billion (which was our 12-month estimate), it seems that the “third wave” of crypto adoption is turning into a tidal wave.
BlackRock’s Bitcoin ETF crossed $20B
On Tuesday, BlackRock’s IBIT saw significant investments amounting to $274.4 million. These recent inflows have pushed the total assets managed by IBIT over the $20 billion threshold.
Based on the current market values, BlackRock held approximately 291,500 Bitcoins as of June 3rd, equating to a total value of around $20.1 billion.
On Tuesday, 21Shares/ARK Invest’s ARKB experienced substantial investments totaling $138.7 million. Remarkably, Grayscale’s GBTC recorded inflows of $28.2 million as well.
As a crypto investor, I’ve noticed that recent substantial inflows into Bitcoin have been perceived by many market observers as a fresh surge with the potential to propel Bitcoin prices upward.
As a crypto investor, I’ve noticed the observation made by HODL15 Capital, an entrepreneur and market analyst. They mentioned that reaching the $74,000 target is plausible due to the scarcity of sell walls on the order books across prominent exchanges. This means that there aren’t significant amounts of cryptocurrency available for sale at certain price levels, which could potentially lead to a continued upward trend in the market.
“No sell walls to speak of👇 Wouldn’t take much buying demand to get to $74,000’
One macro and cryptocurrency analyst, TedTalksMacro, posits that the Bitcoin price reaching or surpassing $74,000 might be signaled following the release of the May US employment statistics on June 7th.
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2024-06-05 18:15