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Home News Crypto

Bitcoin Surges Past $71K as ETFs Attract Record $880M Inflows

by Team Lumida
June 5, 2024
in Crypto, Digital Assets
Reading Time: 3 mins read
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Photo by Kanchanara on Unsplash

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Key Takeaways

  1. Bitcoin ETFs saw $880 million in inflows, led by Fidelity’s $378 million.
  2. Bitcoin prices surged to over $71,000, marking a 3% rise in 24 hours.
  3. ETFs have accumulated $3.3 billion in four weeks, signaling bullish sentiment.

What Happened?

Bitcoin surged past $71,000 during Asian trading hours, marking a 3% increase in just 24 hours. This rise coincided with U.S.-listed spot bitcoin ETFs attracting over $880 million in inflows, the highest since March and the second-highest overall since January.

Fidelity’s FBTC led the pack with $378 million, followed by BlackRock’s IBIT with $270 million and Grayscale’s GBTC with $28 million. The CoinDesk 20 index, which tracks the largest tokens, also rose by 2.65%.

Why It Matters?

The $880 million inflow into bitcoin ETFs signals a robust return of investor confidence in the cryptocurrency market. This surge comes after a lull from mid-April to early May, when major ETFs like BlackRock’s IBIT experienced zero net inflows and even outflows on some days.

Bloomberg analyst Eric Balchunas noted that bitcoin ETFs have gathered $3.3 billion in the past four weeks, with a year-to-date total surpassing $15 billion. Such data points to a renewed bullish sentiment, bolstered by recent positive developments like the approval of ether (ETH) spot ETFs in the U.S. and favorable cryptocurrency outlooks from the ongoing U.S. presidential campaign.

What’s Next?

Expectations are high for continued bullish momentum in the cryptocurrency market. The inflow activity suggests increasing investor interest and confidence, likely driven by favorable regulatory changes and optimistic market sentiment.

Keep an eye on further ETF inflows and price movements, as these will be critical indicators of sustained market health. Additionally, the ongoing U.S. presidential campaign’s stance on cryptocurrencies could further influence market dynamics, making it essential to stay updated on political developments.

Source: Coin Desk
Tags: BitcoinETFsFidelity
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018