Bitcoin Surpasses $71K with Strong $880M Inflows into BTC ETFs, Best Day Since March

In a significant surge, U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) witnessed inflows exceeding $880 million on Tuesday, with Fidelity’s FBTC leading the charge, according to provisional data released on Wednesday. This marked the best day of inflows since March and the second-highest overall since the inception of 11 bitcoin ETFs in January.

During Asian trading hours, bitcoin climbed above $71,000 as the data became public, registering a 3% increase over the past 24 hours. Additionally, the CoinDesk 20 (CD20), a comprehensive index of the largest tokens, surged by 2.65%.

Among the ETFs, Fidelity’s FBTC attracted the highest inflows, totaling $378 million, followed by BlackRock’s IBIT with $270 million, while even Grayscale’s GBTC, known for its outflows, welcomed $28 million in new investments.

The recent uptick in inflow activity follows a generally bullish sentiment, notably after a lackluster period from mid-April to early May, which witnessed some days with zero net inflows and even outflows from major ETFs such as BlackRock’s IBIT.

Bloomberg analyst Eric Balchunas noted that in the past four weeks alone, ETFs have accumulated $3.3 billion, pushing their net year-to-date figure beyond the $15 billion mark.

This heightened activity comes on the heels of the approval of an ether (ETH) spot ETF for listing in the U.S. and a positive outlook for cryptocurrencies amidst the ongoing U.S. presidential campaign.