data, about 6,000 BTCs, worth $418 million, flew into these investment avenues on a net basis, marking the strongest wave of inflows since the 14th of March.
With the latest influx, the total value of Bitcoins backing the spot ETFs hit $57.2 billion, constituting 4.20% of the crypto’s total market cap.Fidelity’s spot ETF led the inflows chart, amassing $279.10 million worth of Bitcoins, followed by BlackRock’s IBIT fund with inflows of $162 million.
While events like this stem the asset’s rise, they bring previously inactive coins into the liquid supply. This could potentially lead to more demand and volatility.Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance.
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