Bitcoin
Bitcoin ETFs See Renewed Interest, Inflows Surpass $310 Million
Bitcoin Spot (BTC) exchange-traded funds (ETFs) witnessed a significant surge on July 12, with inflows surpassing $310 million — the highest amount since June 5.
BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity The Wise Origin Bitcoin Fund (FBTC) led the inflows, raising $120.03 million and $115.14 million respectively, according to Information from SoSoValue. The Bitwise Bitcoin ETF (BITB) followed with $28.42 million, and the Grayscale Bitcoin Trust (GBTC) experienced a rare inflow of $23.01 million.
Spot Bitcoin ETF Flows on July 12 | Source: SoSoValue
O Van Eck Bitcoin Trust ETF (HODL) and Invesco Galaxy Bitcoin ETF (BTCO) saw additional inflows, $6.56 million and $4.03 million, respectively. However, ETFs from Hashdex, Franklin Templeton, Valkyrie, and WisdomTree did not see any inflows on the same day.
The July 12 results mark the highest flow since June 5, when spot Bitcoin ETFs accumulated just over $488 million. Notably, there were no days with money outflows at that time.
Furthermore, according to ETF market watcher HODL15Capital, US spot Bitcoin ETFs now hold a record amount of BTC: 888,607 coins.
Per data According to Farside Investors, the recent activity brings the total inflows since the start of the week to $1.04 billion. Since their launch earlier this year, spot Bitcoin ETFs have accumulated nearly $16 billion in net inflows.
Notably, this tally includes over $18.6 billion that has flowed out of GBTC since it transitioned to a spot ETF 6 months ago. Interestingly, despite the outflows, the Shades of gray The Bitcoin product is still the second-largest ETF by net assets, boasting around $15.73 billion worth of Bitcoin.
News of record inflows into Bitcoin ETFs appears to have boosted the cryptocurrency’s price, which at the time of writing was trading at $58,543, up 2.4% from its level 24 hours ago.
However, the price increase came against a backdrop of reduced trading volumes, with around $21.76 billion worth of Bitcoin traded in the past 24 hours, a 23.29% drop from the previous day.