The Fidelity Bitcoin ETF FBTC saw a substantial $220 million in inflows on Wednesday, pushing its total assets under management to over $9.5 billion. This surge comes as Bitcoin’s price climbed above $71,000, reigniting interest in U.S.-based spot Bitcoin ETFs. In total, Bitcoin exchange-traded funds experienced inflows of approximately $500 million, with Fidelity’s FBTC leading the way.
While BlackRock has traditionally dominated spot Bitcoin ETF inflows, Fidelity’s FBTC has recently taken the lead. With total inflows reaching nearly $600 million over the past two days, FBTC’s success is evident. Despite this, Fidelity still remains a major competitor to BlackRock in terms of total assets managed by spot Bitcoin ETFs, with FBTC being half the size of BlackRock’s IBIT.
On June 5, Bitcoin spot ETFs recorded a net inflow of $488 million, marking the 17th consecutive day of positive inflows. This was a significant decrease from the previous day, which saw a staggering $887 million in inflows. The Grayscale Bitcoin ETF, GBTC, received $14.58 million on Wednesday, while BlackRock’s IBIT received $155 million. Overall, Bitcoin spot ETFs have seen net inflows of $15.338 billion to date.
The price of Bitcoin has also been on the rise, increasing by approximately 1.9% to reach a peak of $71,735. If BTC manages to break through the critical resistance level of $72,000, it could signal a bullish trend with even higher prices on the horizon.
In other cryptocurrency news, a Ponzi scheme promoter linked to Forcount is facing up to 20 years in prison for orchestrating an $8.4 million fraud scheme. This development underscores the need for caution and due diligence in the volatile world of cryptocurrencies.
