Bitcoin ETF Inflows Surge in USA
02 Jul, 2024 ● Coin news
United States-based spot Bitcoin exchange-traded funds (ETFs) saw significant daily inflows of $129.45 million on July 1, marking the fifth consecutive day of positive inflows.
Spot Bitcoin ETFs in the U.S. were approved on January 10 and began trading the following day.
In the initial months, major ETF issuers experienced substantial inflows and trading volumes, except for the Grayscale Bitcoin Trust (GBTC), which has had zero inflows or significant outflows since its conversion to an ETF.
The $129.45 million inflows on July 1 represent the highest amount since June 7.
With these positive inflows, the BTC price climbed back to $63,000 after nearly three weeks of struggling to surpass the key resistance level of $62,000.
Data from the crypto research platform SoSo Value indicates that Fidelity’s Wise Origin Bitcoin Fund recorded the highest inflow, with 1,030 BTC worth $65 million, followed by the Bitwise Bitcoin ETF, which received 650 BTC worth $41 million.
The ARK 21Shares Bitcoin ETF had inflows of 205 BTC worth $13 million, while BlackRock’s iShares Bitcoin Trust and GBTC — the two largest spot Bitcoin ETFs by net asset value — saw no flows on Monday, July 1.
July 1 marked the fifth consecutive day of net inflows for spot BTC ETFs following nearly seven days of outflows in the last week of June.
June was a bearish month for Bitcoin ETFs and the BTC price.
Spot Bitcoin ETFs experienced nine days of outflows and 10 days of inflows throughout the month, with the value of outflows significantly exceeding that of inflows.
The latest bullish rally in spot BTC ETFs coincided with Monday’s BTC price surge, reaching a new weekly high of $63,778.
However, Bitcoin dipped below $63,000 again in the early hours of July 2, trading at $62,558 at the time of writing.
Although BTC’s price has recovered from its weekly low below $60,000, it remains down over 15% from its all-time high of $73,750 in March.
July has historically been a bullish month for Bitcoin, and with spot Ether ETF approvals likely on the horizon, the crypto market could see another bullish rally in the coming weeks.
Sources:
https://cointelegraph.com/news/bitcoin-etf-inflows-surge-btc-nears-63k
