While XRP extended its gains on June 9, bitcoin (BTC) reclaimed the $110k level for the first time since May 27. Hopes of a US-China trade deal boosted demand for the broader crypto market, sending the total crypto market cap to a June high of $3.4 trillion.
US-China trade talks resumed on June 9 after a period of de-escalation. Ahead of talks, China reportedly granted rare earth mineral export permits to US auto suppliers, raising hopes of productive negotiations. Talks reportedly lasted 6 hours & will resume on Tuesday, June 10.
US BTC-Spot ETFs See Rebound in Demand
The US BTC-spot ETF market benefited from improved sentiment, ending a two-day outflow streak. According to Farside Investors, key flow trends for June 9 included:
Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $173.0 million.
Bitwise Bitcoin ETF (BITB) reported net inflows of $68.5 million.
ARK 21Shares Bitcoin ETF (ARKB) had net inflows of $10.8 million.
Excluding pending flow data for BlackRock’s (BLK) iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market saw total inflows of $265.3 million, reversing net outflows of $131.6 million from the week ending June 6.
ETF Store President Nate Garaci remarked on IBIT’s success story, stating:
“IBIT hits $70bil in 341 trading days. No other ETF even close & remember… there are 11 other spot ETFs. Category overall is nearly $125bil.”
Bloomberg Intelligence Senior ETF Analyst Eric Balchunas remarked on the significant influence of the BTC-spot ETF market on sentiment, stating:
“When BlackRock filed for IBIT, the price was $30k and the stench of FTX was still in air. It’s now $110k (a return that is 7x that of the mighty S&P 500) & is now seen as legitimate for other big investors.”#Write2Earn $BTC