US-based Spot Bitcoin ETFs See Second Highest Net Inflows, Fueled by Fidelity’s FBTC

US-based Spot Bitcoin ETFs Registers Second Highest Net Inflows Led by Fidelity’s FBTC

The price of Bitcoin (BTC) experienced a significant surge of more than 3 percent in the past 24 hours, reaching around $71,152 during the early London session on Wednesday. This jump in Bitcoin’s price to retest its all-time high has had a ripple effect on the entire crypto industry, with other coins like Binance’s BNB and Floki Inu (FLOKI) also seeing bullish movements.

The recent bullish sentiments in the crypto market have been building up over the past few months, fueled by the approval of spot Bitcoin ETFs in the United States and Hong Kong, as well as the fourth halving event. The approval of spot Bitcoin ETFs in various countries, including Thailand, has further contributed to the positive outlook for the industry.

Institutional investors have been increasingly flocking to US-based spot Bitcoin ETFs, with the third wave of major cash inflows since their inception. According to market data provided by SoSoValue, the total cash inflow into US-based spot Bitcoin ETFs has reached approximately $886.76 million, surpassing $61 billion in total net assets.

Leading the pack in terms of net inflows is Fidelity’s FBTC Bitcoin Fund, which saw a total cash inflow of about $379 million, bringing its net holding to around $12.01 billion. Other major players in the space include Grayscale Investments’ GBTC, BlackRock Inc-backed iShares Bitcoin Trust (IBIT), ARK 21Shares Bitcoin ETF (ARKB), and Bitwise Bitcoin ETF (BITB), all of which have seen significant cash inflows in recent days.

The positive market sentiment for Bitcoin and digital assets has also led to plans for a new national stock exchange in Texas, backed by BlackRock and Citadel Securities, that leverages blockchain technology. This move reflects the growing interest in cryptocurrency regulations in Europe, the United States, and the United Kingdom, which have helped attract more investments in the sector in recent months.

Overall, the surge in cash inflows into US-based spot Bitcoin ETFs and the broader crypto market indicates a growing confidence among investors in the long-term potential of digital assets, despite the volatility that has historically characterized the industry. As the market continues to evolve and mature, it will be interesting to see how these developments shape the future of cryptocurrency investment and regulation.