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First Mover Americas: Bitcoin Tops $71K After Best Day for ETF Inflows Since March
The latest price moves in crypto markets in context for June 5, 2024.
Updated Jun 5, 2024, 1:09 p.m. Published Jun 5, 2024, 12:02 p.m.
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This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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BTC crossed $71,000 early Wednesday after spot bitcoin ETFs had their best day of inflows since March. Bitcoin has risen about 3% in the last 24 hours, while the CoinDesk 20 Index (CD20), representing a broad measurement of the digital asset market, is up around 2.8%. Bitcoin peaked at $71,341 at the start of the European morning, its highest since May 21. It subsequently pulled back to trade around $70,900. Nevertheless, BTC is showing a green candle for the fifth consecutive day, its longest such stretch since March.
U.S. spot bitcoin ETFs saw over $880 million in inflows on Tuesday, the most since March and the second-highest since they went live in January, provisional data shows. Fidelity's FBTC led the way with $378 million, while BlackRock's IBIT took on $270 million. Bloomberg analyst Eric Balchunas said on X that the ETFs have taken on a net $3.3 billion in the past four weeks, with a year-to-date figure of more than $15 billion. The increased activity comes a few weeks after U.S. spot ether ETF filings were approved and amid a positive outlook for cryptocurrencies from the ongoing U.S. presidential campaign.
Bain Capital Crypto plans to start a second fund according to a filing with the SEC, more than two years after its first in March 2022. That $560 million fund launched just before the collapse of Do Kwon's luna triggered a massive rout in the crypto market. Despite the ensuing crypto winter, Bain Capital was an active investor throughout 2022 and 2023, participating in rounds such as Sam Altman's $115 million Worldcoin fundraise, privacy protocol Nocturne Labs and decentralized exchange aggregator Flood. The first fund focused on early-stage investments and liquid tokens across DeFi and Web3.
Chart of the Day
- Bitcoin open interest has spiked over $2 billion since Monday to nearly $37 billion, marking the largest such increase since early April.
- Over $11 billion in BTC futures bets are live on the Chicago Mercantile Exchange (CME), followed by crypto exchange Binance at $8 billion.
- Open interest refers to the number of unsettled futures contracts and indicates a rise in money entering the market, usually a sign of further expected volatility.
- Source - TradingView
- Shaurya Malwa
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