US Spot Bitcoin ETFs Experience Fifth Straight Day of Inflows; Ether ETF Approval Looms
Summary:
The US spot Bitcoin ETF market experienced a significant daily inflow of $129.45 million, constituting its fifth consecutive day of gains. In the first few months since their approval by the SEC, top ETF issuers, except Grayscale’s GBTC, witnessed significant inflows and trading volumes. However, June saw more days of outflows than inflows for these ETFs. The spot BTC ETF's bullish trend coincided with Monday's BTC price hike, even as BTC continues to be 15% down from its all-time high. The imminent approval of a spot Ether ETF suggests another possible bullish rally.
The US spot Bitcoin ETF (exchange-traded fund) sector saw an impressive daily inflow of $129.45 million, marking its fifth successive day of increase. US spot Bitcoin (BTC) ETFs were authorized by the Securities and Exchange Commission on January 10 and trades kicked off the very next day. Interestingly, top ETF issuers registered some of the largest inflows and trading volumes in the first few months, except Grayscale’s GBTC which experienced zero inflows or significant outflows from the start.
The inflow of $129.45 million on July 1 is the most substantial since June 7 and as BTC ETF inflows swung upwards, the BTC price bounced back to $63,000 after almost three weeks of battling with a $62,000 resistance threshold.
Data procured from SoSo Value, a crypto research platform, indicates that Fidelity's ETF posted the largest inflow—1,030 BTC or around $65 million—followed by Bitwise ETF, with 650 BTC or roughly $41 million. Meanwhile, ARK Invest recorded inflows of 205 BTC valued at $13 million. IBIT by BlackRock and GBTC by Grayscale, the two biggest spot Bitcoin ETFs by net asset worth, experienced no inflow on Monday.
July 1 marked the fifth straight day of inflows for spot BTC ETFs, following almost a week of outflows late in June. July has consistently demonstrated bullish trends for BTC.
June was less profitable with nine days of ETF outflows in comparison with ten days of inflows and the value of outflows substantially surpassing the value of inflows. Nonetheless, the spot BTC ETF's bullish rise aligned with Monday's BTC price increase, pushing the BTC price to a new weekly peak of $63,778. Even though the BTC price slipped back below $63,000 earlier today and is currently sitting at $62,558, it signifies a recovery from the weekly low of sub-$60,000, but it's still more than 15% shy of its historic high of $73,750.
The coming weeks could witness another bullish rally in the crypto market considering that the approval of a spot Ether (ETH) ETF is imminent, much like when spot BTC ETFs got the green light.
Published At
7/2/2024 11:28:39 AM
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