Spot Bitcoin BTC/USD exchange-traded funds (ETFs) in the United States have soared to a new all-time high, with a staggering $676.8 million in daily inflows, signaling a robust bull run for Bitcoin.
What Happened: Record-Breaking Inflows and Trading Volumes
On Wednesday, the crypto investment landscape witnessed unprecedented activity, as spot Bitcoin ETFs attracted nearly $680 million in investments.
This influx was primarily driven by five key players: iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund FBTC, Bitwise's Bitcoin ETF BITB, ARK 21Shares Bitcoin ETF ARKB, and WisdomTree Bitcoin ETF BTCW.
Despite Grayscale Bitcoin Trust GBTC experiencing significant outflows, the overall market sentiment remained overwhelmingly positive, with the total inflow into spot Bitcoin ETFs reaching close to $7.4 billion to date.
Simultaneously, trading volumes for these ETFs shattered previous records, with a collective $7.69 billion traded in a single day, led by BlackRock's BLK iShares Bitcoin ETF IBIT.
This volume underscores the natural demand for Bitcoin, as it rallied over 10% to a two-year high of $64,000.
Amid this surge, major financial institutions like Morgan Stanley are considering adding spot Bitcoin ETF products to their offerings, CoinDesk reports.
This comes off the back of the bank's Head of Digital Assets, Andrew Peel, highlighting Bitcoin's role in eroding global dollar dominance.
Also Read: $6.26M And Rising: Inside Donald Trump's Surging Crypto Portfolio
Why It Matters: The Ripple Effect of ETF Approval
The approval of spot Bitcoin ETFs in the United States has had a far-reaching impact, notably boosting investor sentiment in regions like Australia, where interest in Bitcoin has surged.
The introduction of these ETFs has not only democratized access to Bitcoin investments but also signaled a shift towards greater regulatory acceptance of cryptocurrencies.
As institutions like Morgan Stanley explore adding these ETFs to their platforms, the potential for increased investment from registered investment advisor networks and broker-dealers could unlock new levels of capital inflow into the crypto market.
Price Action:
At the time of writing, Bitcoin was trading at $62,503, up about 5% over the last 24 hours.
Read Next: Coinbase Suffers Massive Outage As Bitcoin Hits $64K: 'Your Assets Are Safe' (UPDATED)
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