Bitcoin Spot ETFs Can't Get Enough With Historic 18-Day Buying Spree: Is This A New Gold Rush?

In a telling reflection of growing institutional demand for cryptocurrencies, Bitcoin BTC/USD spot exchange-traded funds in the U.S. attracted net inflows for a record-breaking 18th day. 

What Happened: The 11 investment vehicles tracking the spot prices of the world's largest digital asset saw $217.78 million in positive flows on June 5, according to data from SoSo Value. With this, the total inflows since the ETFs started trading in early January increased to $15.56 billion. 

More than $62 billion worth of Bitcoins backed these funds, representing 4.47% of its total circulating supply. 

The spot ETFs last witnessed net outflows on May 10. Since then, all trading days have seen a net influx of capital.

BlackRock's iShares Bitcoin Trust IBIT led other funds, with $350 million in net inflows, followed by Fidelity FBTC which recorded $3 million in inflows. 

Grayscale Bitcoin Trust GBTC saw net outflows of $38 million. 

Blackrock's ETF recently pipped Grayscale to become the world's largest Bitcoin fund, with net assets exceeding $21 million as of this writing.

Why It Matters:  The longest streak of net inflows reflected growing optimism for the digital asset, vying for a bigger slice of investments from TradFi giants.

The listing of spot ETFs in the U.S. has spurred a nearly 70% spike in Bitcoin's value year-to-date, helping it reach new highs.

Price Action: At the time of writing, Bitcoin was trading at $71,261.50, following a marginal 0.55% increase in the last 24 hours, according to data from Benzinga Pro

Read Next: Another MicroStrategy In The Making? Semler Scientific Purchases 247 More Bitcoins To Push Total Portfolio Past $58M: ‘We’ll Continue To Buy More’

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