NEW YORK, June 5, 2024 — Bitcoin (BTC) surged past $71,000 early Wednesday, buoyed by the strongest day of inflows into spot Bitcoin ETFs since March. The cryptocurrency experienced a 3% rise over the past 24 hours, while the CoinDesk 20 Index (CD20), which tracks a broad range of digital assets, increased by approximately 2.8%. Bitcoin peaked at $71,341 at the start of European trading, marking its highest level since May 21. Although it later retraced to around $70,900, the digital asset is on a five-day winning streak—a significant achievement, as it represents the longest consecutive green candle stretch since March.

On Tuesday, U.S. spot Bitcoin ETFs recorded over $880 million in inflows, marking the highest daily total since March and the second-largest inflow amount since the ETFs began trading in January, according to provisional data. Fidelity's FBTC led the inflow charge with $378 million, while BlackRock's IBIT attracted $270 million. Bloomberg analyst Eric Balchunas highlighted the robust activity on X, noting that these ETFs have accumulated a net $3.3 billion in inflows over the past four weeks. Year-to-date, the total inflows have surpassed $15 billion. This influx of capital follows recent approvals for U.S. spot ether ETFs and comes amidst a favorable outlook for cryptocurrencies, partly fueled by the ongoing U.S. presidential campaign.

In a separate development, Bain Capital Crypto has announced plans to launch a second fund, according to a recent SEC filing. This new fund comes more than two years after the firm's initial $560 million fund, which was launched just before the collapse of Do Kwon's Luna and the subsequent market downturn. Despite the challenges of the crypto winter, Bain Capital Crypto has remained an active investor throughout 2022 and 2023. The firm has participated in significant fundraising rounds, including Sam Altman's $115 million Worldcoin initiative, privacy protocol Nocturne Labs, and decentralized exchange aggregator Flood.

The first fund managed by Bain Capital Crypto concentrated on early-stage investments and liquid tokens across decentralized finance (DeFi) and Web3 sectors. The upcoming fund is anticipated to continue this focus, potentially expanding its scope as the crypto market evolves and new opportunities emerge.