Bitcoin’s institutional narrative looks to be back on track, with spot BTC ETFs attracting more than $1 billion in fresh capital against a backdrop of significant market upheavals triggered by Middle East tensions.
On-chain data shows a four-day inflow streak into U.S. spot Bitcoin ETFs, decisively reversing a brief period of outflows and signaling strong institutional appetite.
Over $1B in Four Days
According to the market intelligence platform Santiment, between June 9 and June 11, the BTC-backed financial instruments raked in north of $970 million. Data from the crypto investment research website SoSoValue corroborated this, revealing that spot Bitcoin ETFs flipped from notable outflows late last week to four straight days of positive inflows.
The reversal started on Monday this week, when the ETFs absorbed $386.27 million, followed by a much heftier $431.12 million on Tuesday. This coincided with the news that BlackRock’s IBIT had shattered records by becoming the fastest exchange-traded fund to reach $70 billion in assets under management (AUM), having done it in just 341 days.
Flows stayed positive on Wednesday, with an additional $164.57 million entering the regulated BTC investment products. Thursday’s more modest $86.31 million brought the four-day total inflow to $1.07 billion.
The surge effectively erased the $278.44 million and $47.82 million in outflows recorded on June 5 and June 6, respectively, pushing cumulative net inflows for all spot Bitcoin ETFs to $45.31 billion and total net assets to $130.26 billion as of June 12.
Bitcoin Stumbles Amid Middle East Flare-Up
Interestingly, the bullish flows arrived during a sharp market shakeup. On June 13, details emerged, confirming Israel’s missile strike on Iranian nuclear sites, triggering fears of wider conflict in the Middle East.
The immediate fallout wiped out more than $190 billion in total crypto market capitalization. Bitcoin alone tumbled from an intraday high of $108,369 to a low of $103,081 within hours. It has since clawed back slightly to about $103,971, but was still down 3.6% over 24 hours at the time of this writing.
Despite the turmoil, BTC remains 1% higher than a week ago, edging out a global crypto market that dipped 0.6% over the same period.
Still, there are signs the king cryptocurrency’s crown may soon face a challenge. Spot Ethereum ETFs have now posted 19 straight days of net inflows, even overtaking Bitcoin for the first time with a record $240 million in daily net additions on June 11.
According to some market watchers, this flip may hint at a subtle shift in investor preference as traders diversify into Ethereum following growing regulatory optimism regarding decentralized finance (DeFi) and clarity around ETH’s classification.
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Bitcoin’s institutional narrative looks to be back on track, with spot BTC ETFs attracting more than $1 billion in fresh capital against a backdrop of significant market upheavals triggered by Middle East tensions.
On-chain data shows a four-day inflow streak into U.S. spot Bitcoin ETFs, decisively reversing a brief period of outflows and signaling strong institutional appetite.
Over $1B in Four Days
According to the market intelligence platform Santiment, between June 9 and June 11, the BTC-backed financial instruments raked in north of $970 million. Data from the crypto investment research website SoSoValue corroborated this, revealing that spot Bitcoin ETFs flipped from notable outflows late last week to four straight days of positive inflows.
The reversal started on Monday this week, when the ETFs absorbed $386.27 million, followed by a much heftier $431.12 million on Tuesday. This coincided with the news that BlackRock’s IBIT had shattered records by becoming the fastest exchange-traded fund to reach $70 billion in assets under management (AUM), having done it in just 341 days.
Flows stayed positive on Wednesday, with an additional $164.57 million entering the regulated BTC investment products. Thursday’s more modest $86.31 million brought the four-day total inflow to $1.07 billion.
The surge effectively erased the $278.44 million and $47.82 million in outflows recorded on June 5 and June 6, respectively, pushing cumulative net inflows for all spot Bitcoin ETFs to $45.31 billion and total net assets to $130.26 billion as of June 12.
Bitcoin Stumbles Amid Middle East Flare-Up
Interestingly, the bullish flows arrived during a sharp market shakeup. On June 13, details emerged, confirming Israel’s missile strike on Iranian nuclear sites, triggering fears of wider conflict in the Middle East.
The immediate fallout wiped out more than $190 billion in total crypto market capitalization. Bitcoin alone tumbled from an intraday high of $108,369 to a low of $103,081 within hours. It has since clawed back slightly to about $103,971, but was still down 3.6% over 24 hours at the time of this writing.
Despite the turmoil, BTC remains 1% higher than a week ago, edging out a global crypto market that dipped 0.6% over the same period.
Still, there are signs the king cryptocurrency’s crown may soon face a challenge. Spot Ethereum ETFs have now posted 19 straight days of net inflows, even overtaking Bitcoin for the first time with a record $240 million in daily net additions on June 11.
According to some market watchers, this flip may hint at a subtle shift in investor preference as traders diversify into Ethereum following growing regulatory optimism regarding decentralized finance (DeFi) and clarity around ETH’s classification.
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LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
