Spot Bitcoin ETFs See Significant Inflows in the US
Analysts and data from Sosovalve reported a combined inflow of 2,047 BTC worth around $129.4 million for spot Bitcoin ETFs in the United States on July 1. The 11 funds also saw a trading volume of $1.36 billion on the same day, with a total net inflow accumulation of $14.6 billion since their launch in January.
- This inflow is the highest recorded since June 7, according to data from Farside Investors.
Bitcoin ETF Inflows Breakdown
According to Sosovalve, Fidelity led the inflows with 1,030 BTC worth $65 million for its FBTC fund. The Bitwise BITB fund followed with the second-largest inflow of $41 million, while Ark 21Shares had a $13 million inflow for its ARKB ETF.
- Other funds from VanEck, Franklin Templeton, Invesco, and Galaxy Digital also saw minor inflows of around or under $5 million.
- There was no net flow for BlackRock (IBIT) and Grayscale (GBTC) on July 1.
- This marks the fifth consecutive day of positive flows into US spot BTC ETFs.
Bitcoin ETF Performance Comparison
Despite the attention and flows received by the nine new spot Bitcoin ETFs in the first half of the year, they were outperformed by Grayscale’s GBTC, as noted by industry expert Eric Balchunas on July 1.
- Grayscale’s GBTC and another fund each returned 62% and 44%, respectively.
Bitcoin Market Analysis
Bitcoin prices have experienced a 1.1% decline, currently at $62,558. While the asset reached a weekly high of $63,790 on July 1, it faced resistance at that level.
- Support is currently at $61,500, with resistance above $64,000 needing to be broken for a potential uptrend.
Altcoins, on the other hand, were mostly in the red following a recent rally, albeit with minor losses as they cooled off.
Spot Ethereum ETF Launch Anticipation
The positive inflow for Bitcoin ETFs coincides with the potential launch of spot Ethereum ETFs in the US this week, as ETF Store President Nate Geraci mentioned.
- Geraci predicted that spot Ether ETFs could have one of the most successful debuts in ETF history, following in the footsteps of spot BTC ETFs.
Hot Take: Impressive Inflows for Bitcoin ETFs in the US
The recent influx of funds into spot Bitcoin ETFs in the United States showcases continued investor interest and confidence in the cryptocurrency market. These inflows highlight the growing popularity and acceptance of crypto investment vehicles, especially among traditional investors looking to gain exposure to digital assets. With the anticipation of spot Ethereum ETFs also gaining traction, the ETF landscape is evolving to accommodate the diverse demands of investors seeking to capitalize on the potential of cryptocurrencies. As the market dynamics continue to shift, ETFs are becoming a pivotal gateway for mainstream adoption and integration of digital assets into traditional financial portfolios.
Sources:
– Sosovalve: https://sosovalue.xyz/assets/etf/us-btc-spot
– Twitter: https://twitter.com/SoSoValueCrypto/status/1807998350295458119?ref_src=twsrc%5Etfw
– Twitter: https://twitter.com/EricBalchunas/status/1807859014610608421?ref_src=twsrc%5Etfw
– Twitter: https://twitter.com/NateGeraci/status/1807548524910850284
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