US Bitcoin ETFs Post Longest Run of Inflows as Token Nears Record
US exchange-traded funds investing directly in Bitcoin attracted net inflows for an unprecedented 18th straight day, a spurt of demand that has helped to lift the largest digital asset toward a record high.
Net subscriptions for the group of almost a dozen products stood at $15.6 billion through Thursday following a Jan. 11 launch, taking total assets to $62.3 billion, according to data compiled by Bloomberg.
Bitcoin pared gains after a report showed US job growth surged in May while the unemployment rate unexpectedly rose, painting a mixed picture of the labor market. The largest cryptocurrency traded at around $70,925 as of 8:36 a.m. in New York, while Ether was little changed at $3,785.
The Bitcoin funds from the likes of BlackRock Inc. and Fidelity Investments rank as some of the most successful debuts in the ETF sector’s history. They took Wall Street by storm, tilting crypto’s center of gravity to the US from Asia.
Many speculators in the options market anticipate that Bitcoin this month will surpass March’s all-time peak of $73,798, aided by ETF demand and expectations that Federal Reserve interest-rate cuts lie ahead.
“There have been massive inflows into spot-Bitcoin ETFs,” Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors LLC, wrote in a note. “Macro continues to trend in crypto’s favor, with economic growth slower at a non-recessionary pace and signs of disinflation continuing.”
