Bitcoin Above $71k, As BTC ETFs Record $887M Inflows, The Highest Since March

Key Points

• Bitcoin is trading above $71k, up by 3% today.
• On June 4, BTC ETFs recorded $887 million in inflows.

Bitcoin is trading above $71k, after surpassing the important level earlier. At the moment of writing this article, BTC is up by over 3%.

On June 4, Bitcoin ETFs recorded the second-highest single-day net inflow in history, with the crypto products seeing a total net inflow of $887 million, according to the data from SoSoValue.

March 12 was the day when BTC ETFs recorded the largest amount of inflows in history – $1.05 billion.

Here are the inflows and outflows in Bitcoin ETFs recorded yesterday:

• Grayscale’s Bitcoin ETF’s GBTC, recorded $28 million in inflows.
• BlackRock’s Bitcoin ETF, IBIT, recorded $274 million in inflows.
• Fidelity’s Bitcoin ETF, FBTC, saw $379 million in total net inflows.
• Ark Invest and 21Shares’ Bitcoin ETF, ARKB saw, $139 million in inflows.
• Bitwise’s Bitcoin ETF, BITB, recorded, $61 million in total net inflows.
• VanEck’s Bitcoin ETF, HODL saw $4 million in inflows.
• Valkyrie Digital Assets’ Bitcoin ETF, BRRR recorded $2 million in inflows.
• The other Bitcoin ETFs did not see any inflows or outflows for the day.

June 4 was the 16th consecutive day in which the crypto products saw inflows, with Fidelity leading the way just like on June 3.

The total net asset value of the Bitcoin ETFs was $61.4 billion, according to the same data.

Fidelity exec suggests investors to buy Bitcoin

Fidelity exec, Matt Horne, suggests investors should allocate a portion of their portfolio to Bitcoin, according to the latest reports.

Yesterday, he said that a lot of traditional investors and asset managers are still hesitant when it comes to investing in Bitcoin and the crypto market in general.

This is reportedly due to the lack of data available for the new asset class. He said that it is crucial for investors to understand the reasons why they might want to own Bitcoin and the benefits of blockchain technology.

Horne suggested that a small allocation, typically between 1-5%, would be sufficient.