Bears rekt: Bitcoin ETFs see runner-up record day with $887M inflows
The United States spot Bitcoin (BTC) exchange-traded funds (ETFs) have seen their second-best-ever joint net inflow day of $887 million.
The Fidelity Wise Origin Bitcoin Fund (FBTC) saw the largest inflow at $378.7 million while BlackRock’s iShares Bitcoin Trust (IBIT) was second with $275 million, according to data from Farside Investors and X account HODL15Capital.
The ARK 21Shares Bitcoin ETF (ARKB) was the third-best performer with over $138 million in net inflows.
It’s the highest net inflows the funds have seen since March 12, when they took in a record $1.04 billion. Bitcoin hit an all-time high of $73,679 a day later on March 13.
ETF Store president Nate Geraci hit back at Bitcoin critics on X who he said claimed the Bitcoin ETFs would see little demand.
“I was told several months ago that all of the ‘degen retail’ investors who wanted to buy had already done so [and] there was nobody left,” Geraci wrote. “How can this be?”
“The data just gets more and more brutal for the orange poker chip crowd as well as the paul krugman-ites,” Bloomberg ETF analyst Eric Balchunas said, responding to Geraci.
Related: Bitcoin investment inflows hit $1B as long-term holders accumulate
The Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, WisdomTree and Hashdex didn’t see any demand, with each of the issuers recording no flows for June 4.
It comes as Bitcoin has rallied 2.9% to $71,000 over the last 24 hours, according to CoinGecko.
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