Spot Bitcoin ETFs Gain $609M as BTC Hits Record High 🚀

Spot bitcoin exchange-traded funds (ETFs) in the U.S. reported $609 million in net inflows on a Wednesday, extending gains for the sixth consecutive day. This uptick aligns with bitcoin surpassing its previous all-time high of around $108,000, and setting a new record above $111,000. Analysts attribute this surge to institutional factors like large capital inflows into spot ETFs and continued investments by publicly traded companies. Caroline Bowler, CEO at BTC Markets, notes that today's demand is powered by institutional-grade infrastructure and clearer regulations, marking a shift in investor sentiment towards institutional-style allocations. BlackRock's IBIT led the inflows with $530.6 million, while other ETFs such as Fidelity's FBTC, Bitwise's BITB, and Grayscale Mini BTC Trust also saw positive flows exceeding $20 million each, according to SoSoValue. Additional net inflows were recorded by ETFs from VanEck, Ark & 21Shares, and Valkyrie. Collectively, the 12 bitcoin ETFs traded $7.64 billion in volume on that day, the highest since February 25. In May, total inflows hit $4.24 billion, adding to a cumulative total of $43.38 billion. Despite entering "uncharted territory," HashKey Capital Partner Jupiter Zheng anticipates increased volatility as investors consider geopolitical and macroeconomic uncertainties in bitcoin valuation. Over the past 24 hours, bitcoin increased by 3.6%, reaching $111,435. Disclaimer: The Block is an independent media outlet funded by Foresight Ventures, which also invests in the crypto sector, including through anchor LP Bitget. The Block remains dedicated to providing truthful, timely crypto industry reports.