Key Points
- Bitcoin ETFs recorded $218 million in inflows on June 6, with BlackRock’s IBIT as leader.
- BTC is trading above $71,000.
According to the latest reports coming from SoSoValue, Bitcoin ETFs recorded $218 million in inflows on June 6, making this the 18th consecutive day of total net inflows in the crypto products.
Here are the inflows and outflows in the crypto products from yesterday:
- BlackRock’s Bitcoin ETF, IBIT, saw inflows of $350 million yesterday.
- Fidelity’s Bitcoin ETF, FBTC, saw inflows of $3 million.
- VanEck’s Bitcoin ETF, HODL, saw inflows of $2 million.
- Grayscale’s Bitcoin ETF, GBTC, saw outflows of $38 million.
- Ark Invest and 21Shares’ Bitcoin ETF, ARKB saw outflows of $97 million.
- Bitwise’s Bitcoin ETF, BITB, saw outflows of $3 million.
The other Bitcoin ETFs did not record any inflows or outflows on June 6.
The total net asset value of the Bitcoin ETFs was $62.3 billion, according to the same data.
Since their launch back in January 2024, Bitcoin ETFs have seen inflows of $15.56 billion. This appears to be a recovery from a standstill in April and May, although it is still lower than the peak in March.
New reports reveal that the amount still has room to grow even more, to significantly impact Bitcoin’s price.
Cane Island Alternative Advisors founder Timothy Peterson recently said that there are still no spot Bitcoin ETFs in the UK or Japan which are two major markets, and there is still room to grow.
Bitcoin is trading above $71,000
At the moment of writing this article, BTC is trading above the important mark of $71,000, trying to consolidate over this level.
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Some traders are wondering why Bitcoin’s price remains bound to the current levels despite the consecutive days of inflows in Bitcoin ETFs.
Bloomberg’s Eric Balchunas shared a post on X in which he explained his opinion when he was asked about the reason why BTC is still range-bound.
Balchunas responded that “the call is coming from inside the house holmes.” He said that this is not ETFs’ doing, because it’s more than obvious that they are “buying like crazy” lately. He believes that this is Bitcoin holders selling or leveraging flushers.
I’ve said it before and I’ll say it again, the call is coming from inside the house holmes. This is not ETFs doing, obv bc they buying like crazy lately, it’s bitcoin holders selling or leveraged flushers or whatever. Time and again ETFs go on flow-a-thons and its met with… https://t.co/iuGNayrLgd
— Eric Balchunas (@EricBalchunas) June 6, 2024
However, BTC has been surrounded by a lot of optimistic price predicitons lately, and the fact that the coin is consolidating right below previous ATH is a good sign according to crypto experts.
