Bitcoin exchange-traded Funds (ETFs) have experienced a remarkable surge, with a net inflow of $218 million today, marking a record-breaking 18-day streak of consecutive gains in the cryptocurrency market. This impressive run showcases the growing confidence of investors in Bitcoin as a legitimate asset class.
The latest data on June 6, 2024, revealed a net inflow of +$218 million in Bitcoin ETFs, setting a new milestone for the market. This positive trend has continued for 18 straight trading days, making it the longest streak ever seen. A standout performer in this surge was BlackRock’s IBIT, which saw a single-day inflow of $350 million, the highest level in the last two months, indicating a strong rebound and a healthy appetite in the market.
However, not all funds experienced the same level of success. Grayscale’s Bitcoin Trust (GBTC) faced an outflow after a brief period of inflows, highlighting the diverse movements and sentiments within the ETF sector.
The ongoing influx of investments into Bitcoin ETFs signals a significant shift towards cryptocurrency in traditional investment portfolios. Analysts believe that continued interest from institutional investors could lead to market stabilization and potentially drive up Bitcoin’s price in the coming weeks.
Tags: BTC, ETF.