BTC ETFs observed the largest single-day inflows since March today, marking the second highest inflows into the US-approved products since they launched in January this year. An estimated $880 million flowed into the ETFs, with Fidelity Investment’s FBTC ETF alone registering $378 million in inflows.
Simultaneously, BTC’s price surged past the $71,000 mark for the first time in about two weeks and fluctuated over $71,500. While the asset’s price has set records this year, the past two months were slow, and its price moved significantly below $70,000. Now, it is rising over that threshold as bullish forces take full effect again.
The excitement is spilling into physically backed, SEC-regulated ETFs. BlackRock’s BTC ETF inflows amounted to over $274 million, following closely behind Fidelity. The bullish movements responsible for the BTC price surge and massive ETF inflows come after institutions were asked by the SEC to register for Ether ETFs, marking an interesting period for cryptocurrencies.
As these assets find more relevance with institutional investors, their importance is felt by the mainstream, attracting large interest and tons of capital as a result. With a large portion of the bull cycle to expectedly go, BTC supporters stand to gain a lot from the price rise of their favorite assets.
The US presidential run is making things interesting for BTC as well, with former US president Donald Trump claiming that he will make the nation more crypto-friendly than ever. These sentiments, alongside mainstream fund flows into BTC, have offered new dimensions to the asset in recent days, drawing in veteran users and newcomers to tap into its rapid wealth-generation capabilities.
Other assets made significant strides too, as BTC cruised past the $71,000 milestone. BNB, Binance Smart Chain’s native asset, hit a record high today and went past the $710 mark.
Image by Eivind Pedersen from Pixabay
