Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Bitcoin spot exchange-traded funds (ETFs) continued their impressive streak of net inflows on June 5, attracting a total of $488 million.
What Happened: This marks the 17th consecutive day of positive inflows for these investment vehicles, according to data from SoSo Value.
This brings the historical cumulative net inflow of Bitcoin spot ETFs to $15.338 billion.
Individual ETFs such as Grayscale‘s (OTC:GBTC) saw a single-day inflow of $14.5802 million, Fidelity‘s (BATS:FBTC) recorded $221 million, and BlackRock‘s (NASDAQ:IBIT) achieved $155 million in inflows. Ark Invest’s (BATS:ARKB) saw a $71 million inflow.
QCP Capital reported that Bitcoin ETFs continue to attract significant investment, with $488.1 million in net inflows recorded on June 5.
The firm also observed increased call buying activity, targeting a potential $100,000 strike for July.
This optimistic outlook is partly driven by an unexpectedly low jobless claims report and the anticipated Consumer Price Index (CPI) release next week, which could trigger a new all-time high for Bitcoin (CRYPTO: BTC).
Also Read: Potential Email Vendor Breach Puts Crypto Companies On Alert
Additionally, there is speculation that the market might factor in potential rate cuts, adding further momentum to the rally.
However, Ethereum’s performance has lagged behind Bitcoin.
SEC Chair Gary Gensler on Wednesday indicated that the approval process for Ethereum spot ETFs “will take some time.”
This delay is expected to keep Ethereum‘s (CRYPTO: ETH) short-term performance subdued compared to Bitcoin.
Despite this, analysts at QCP Capital suggest that Ethereum will eventually outperform Bitcoin once the ETF starts trading.
They recommend accumulating Ethereum at a discount now to benefit from the expected future price appreciation.
What’s Next: As the digital asset market continues to evolve, these developments will be a focal point at the upcoming Benzinga Future of Digital Assets event on Nov. 19.
Read Next: Coinbase Launches Smart Wallets To Simplify Crypto Onboarding
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