Bitcoin spot exchange-traded funds (ETFs) in the United States saw the second-highest daily net inflows since their listing on June 4, bringing in $886.75 million. Fidelity’s FBTC and Blackrock’s IBIT were among the top contributors, with total net inflows for spot Bitcoin ETFs reaching $14.85 billion. Other funds such as ARKB, BITB, GBTC, VanEck, and Valkyrie also experienced inflows, extending the streak of consecutive net inflows to 16 days for the 11 spot Bitcoin ETFs. While the total volume of flows remains lower than the peak observed in March, Bitcoin’s value briefly surpassed $71,000 before a correction phase seemingly coming to an end.
Analysts from Bitfinex suggest that long-term holders selling off their Bitcoin holdings was a significant factor in the recent correction. However, blockchain data indicates that these holders have started accumulating Bitcoin again for the first time since December 2023. Additionally, the United States is anticipating the launch of spot Ethereum ETFs, with analysts estimating potential net inflows ranging from $3.1 billion to $4.8 billion over the first five months of trading. In Thailand, One Asset Management (ONEAM) has become the first company to launch a Bitcoin ETF, endorsed by the Thai Securities and Exchange Commission for institutional investors and high-net-worth individuals.
The approval of ONEAM’s Bitcoin ETF marks a milestone in Thailand’s evolving regulatory framework for digital assets, aligning the country with jurisdictions such as the United States, Hong Kong, Australia, and the United Kingdom that have already embraced Bitcoin ETFs. The One Bitcoin ETF Fund of Funds will invest in 11 prominent global Bitcoin funds to ensure sufficient liquidity and security for investors. While ONEAM has received regulatory approval, another Thai firm, MFC Asset Management, is still awaiting clearance for its own Bitcoin ETF product. The launch of spot Bitcoin ETFs in Thailand signifies a growing acceptance and interest in digital assets among institutional investors and high-net-worth individuals in the country and beyond.
Overall, the increasing inflows into spot Bitcoin ETFs in the United States and the anticipation of spot Ethereum ETFs indicate a growing demand for cryptocurrency exposure among investors. The recent correction in Bitcoin’s value and the renewed accumulation by long-term holders suggest a positive outlook for the cryptocurrency market. With more countries like Thailand embracing Bitcoin ETFs, it highlights a broader acceptance and integration of digital assets into traditional financial systems. As the market continues to evolve and mature, the interest and investment in digital assets are likely to increase, offering new opportunities for investors to diversify their portfolios and participate in the growing cryptocurrency ecosystem.
