Bitcoin ETFs are hours away from setting a new record

Bitcoin (BTC) spot ETFs in the United States continue to show signs of strength, when they could be hours away from setting a new record for consecutive days with capital inflows.

These funds recorded total daily receipts of 488 million dollars yesterday, June 5, thus completing its 17th day in green. They achieved a similar mark for the first time last February.

If it continues today, June 6, with a similar positive streak, bitcoin ETFs would be reaching their 18th day with capital inflows reaching a historic mark.

Yesterday, for the second day in a row, the Fidelity Wise Origin Bitcoin Fund (FBTC) led the inflows, raising $221 million. In second place was the iShares Bitcoin Trust (IBIT) managed by the company BlackRock, which registered an inflow of $155 million, according to data from Farside Investors.

This was followed by the ARK 21Shares Bitcoin ETF (ARKB), which earned $71 million, and the Bitwise Bitcoin ETF (BITB), with $19 million.

With an inflow of $15 million, the Grayscale Bitcoin Trust (GBTC) fund reached its second consecutive day of capital inflows, something that has not happened since May, when he had four days of continuous entries.

Likewise, the VanEck Bitcoin Trust (HODL) and Invesco Galaxy Bitcoin ETF (BTCO) funds each recorded $4 million in inflows, as seen in the following graph.

Total, So far this week, capital inflows to ETFs amount to more than $1.5 billionwhich represents just over 10% of all capital inflows that the funds have had since their approval.

All of this was achieved collectively one day after reaching the second largest inflow of money in the history of these financial products since its launch in January, with 900 million dollars, as reported by CriptoNoticias.

Bigger investors are coming for bitcoin ETFs

Jenny Johnson, CEO of Franklin Templeton, one of the companies with a bitcoin ETF, commented that So far what we are seeing is the first wave of users of these financial products.

The next ones to join – according to the executive – are institutions such as pension funds, insurance companies and large investment banks, she mentioned in an interview for the CNBC network.

Johnson indicated that “many managers” of professional assets They are still evaluating how to incorporate bitcoin into their investment portfolios. “Some see it as a potential gold-like hedge, while others take a more technical approach,” he concluded.

All these elements can be considered a sign of an imminent ‘bull run’ for bitcoin. If capital inflows into ETFs continue like this, a favorable scenario could be generated for the price of bitcoin, since the funds require management companies to buy and retain bitcoin in their reserves to support their actions.

This buying dynamic by ETFs reduces the amount of bitcoin available on the market. By decreasing supply and increasing demand, the scenario is generated for an eventual increase in the price of bitcoin..

According to analyst Michaël van de Poppe, bitcoin’s bullish trend continues after surpassing the $70,000 level. This considers it crucial that the price stays above that level to continue its rise until reaching a new all-time high.