Bitcoin ETFs kick off the week with major inflows. | Credit: Michael M. Santiago/Getty Images.
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Key Takeaways
U.S. spot Bitcoin ETFs currently command $131.06 billion in total net assets, representing 6.07% of BTC’s market cap.
Bitcoin ETFs recorded $8.2 billion in net inflows across April and May.
After briefly touching $110,000, BTC is currently trading at just over $109,000.
Having ended last week in the red following two days of consecutive outflows, U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have begun the week by reversing these exits to the tune of almost $400 million.
The bullish sentiment from institutional investors follows several favorable developments coming from the U.S.,
The Securities and Exchange Commission (SEC) publicly reiterated the importance of self-custody in crypto assets and called for a new framework to protect domestic DeFi innovation, amongst other developments.
Bitcoin ETFs
According to data gathered by SoSoValue, the Bitcoin ETF recorded $386.27 million in daily net inflows on June 9, reversing a two-day outflow streak totaling over $320 million.
This raises June’s monthly total net inflows to $257.46 million.
Bitcoin ETF flows. Source: SoSoValue
Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded net inflows of $172.99 million, raising its cumulative net inflows to $11.61 billion and net assets to $21.51 billion, ranking it second under BlackRock’s iShares Bitcoin Trust (IBIT).
IBIT garnered $120.93 million, raising its cumulative net inflows to a massive $48.77 billion. IBIT now commands $71.97 billion in BTC.
The Bitwise Bitcoin ETF (BITB) scored $68.55 million, raising its cumulative inflows to $2.04 billion and net assets to $4.17 billion, ranking it fourth and fifth, respectively.
The ARK 21Shares Bitcoin ETF (ARKB) netted $10.83 million, bringing its cumulative inflow total to $2.43 billion, and now carries $4.98 billion in net assets, ranking it third and fourth, respectively.
As for the smaller gainers, VanEck’s BTC ETF (HODL) drew $7.68 million, followed by Grayscale’s Bitcoin Mini Trust with $5.29 million.
BTC Climbs
Institutional demand for Bitcoin continues to climb as other major corporate entities such as Michael Saylor’s Strategy (formerly MicroStrategy) and Japan’s Metaplanet acquire millions worth of BTC on a regular basis.
Following Donald Trump’s return to the White House, the digital asset space has relished in a dedicated pro-crypto approach from the new administration. And with Bitcoin officially on the U.S. government’s balance sheet, its status as a niche digital asset is a thing of the past.
After briefly hitting $111,000 in late May, BTC took a momentary downturn and dropped to $100,550 on June 5. It has since climbed by almost 5% to around $109,900.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
