Institutional Interest in Bitcoin ETFs Peaks 

According to Foresight News and SoSoValue data, Spot Bitcoin ETFs saw a net inflow of $589 million on June 24 alone. This figure marks the highest inflow in the ongoing 11-day streak of consistent ETF entries. BlackRock’s IBIT fund contributed a major share of this influx. This robust movement reinforces institutional confidence in Bitcoin. The total net asset value of Spot Bitcoin ETFs has now reached approximately $130 billion, accounting for 6.18% of Bitcoin’s total market capitalization. The historical net inflow amount stands at $47.6 billion. 

BlackRock’s IBIT fund alone accounted for $217 million of this inflow. Fidelity’s FBTC product saw $105 million, while the Bitwise ETF recorded a $15 million net inflow. 

More importantly, these types of inflows exert upward pressure on the market. Bitcoin managed to hold above $104,000 in response to this fund flow, indicating that investors are anticipating a new bullish wave. 

Ethereum ETFs Off to a Strong Start 

Ethereum ETFs also attracted significant inflows. On the same day, Spot Ethereum ETFs recorded a total of $71.24 million in net inflows. BlackRock’s ETHA fund stood out with an inflow of approximately $98 million. On the other hand, Fidelity’s FETH fund experienced an outflow of around $27 million. 

According to experts, this data signals a strong start for Ethereum ETFs. Following regulatory approval, Ethereum is expected to attract strong institutional demand, much like Bitcoin. 

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Crypto Market Witnesses Key Milestone on June 24  appeared first on Coin Engineer.