Bitcoin Surges 2.4% and Significant Inflows for Crypto ETFs

Bitcoin’s Anticipated Climb

Bitcoin gained 2.4% over this past week. The largest cryptocurrency had approached the record level of $72,000 Friday, before dropping back below $69,500 after better-than-expected jobs data in May. Yet Standard Chartered analysts remain hopeful, predicting that Bitcoin could reach $150,000 by the end of the year!

Substantial Inflows into U.S. Bitcoin ETFs

With these positive projections, U.S. Bitcoin ETFs attracted $1.8 billion in inflows last week, demonstrating investor confidence. These inflows went mainly to the iShares Bitcoin Trust ETF (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) which recorded $946 million and $689 million of inflows, respectively.

U.S. Group Data (USD):

Index Data (USD):

U.S. Funds Specific Data (USD):

European Cryptocurrency ETFs

The ETC Group Physical Bitcoin (BTCE) gained 6.25% for the week, while the CoinShares Physical Bitcoin (BITC) saw a rise of 5.93%. Bitcoin funds’ positive performance has had a spillover effect on other cryptocurrencies. Overall, the cryptocurrency ETP group gained 5.23% over the week. European ETFs’ performance was higher than the Bitcoin’s performance as markets closed before the Bitcoin’s fall later last Friday.

European Group Data (EUR):

European Funds Specific Data (EUR):

Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.