The post Huge ETF Flows Switch Sentiment to Bullish appeared on BitcoinEthereumNews.com.

Bitcoin is back above $71,000 and currently sits at $71,346. Sentiment has once again flipped bullish, with growing anticipation that Bitcoin might finally be preparing to break through $73,000 and push on to new highs. Huge ETF Flows One catalyst for the strong price action was a huge ETF inflow on Tuesday. U.S.-based spot Bitcoin exchange-traded funds recorded their second-highest net inflow day ever, with $886.6 million. The Fidelity Wise Origin Bitcoin Fund (FBTC) led with the highest inflow of $378.7 million, followed by BlackRock’s iShares Bitcoin Trust (IBIT) with $274.4 million. The ARK 21Shares Bitcoin ETF (ARKB) also performed strongly, securing $138.7 million in net inflows. Even the Grayscale Bitcoin Trust (GBTC) experienced a notable inflow day with $28.2 million, one of only seven such days since its conversion to a spot ETF in January. Source: X Tuesday was the best day of ETF inflows since March and the second-highest overall since the eleven Bitcoin ETFs went live in January. Inflow activity has picked up recently amid a generally bullish sentiment after a dismal few weeks from mid-April to early May, a period that saw zero net inflows on some days and even outflows from major ETFs such as BlackRock’s IBIT. The higher activity comes a few weeks after the Ether (ETH) spot ETF got approved for listing in the U.S. and a positive outlook for cryptocurrencies from the U.S. presidential campaign. Franklin Templeton CEO Jenny Johnson said this week that the current Bitcoin investment cycle is still in its nascent stages, with significant institutional money yet to be invested. “We are currently seeing the first wave of early adopters. I anticipate the next wave will involve much larger institutions,” Johnson explained during a recent CNBC interview. She predicts growing institutional interest as more investors and fund managers become…

---

Filed under: News - @ June 6, 2024 2:22 am