Bitcoin
Spot Bitcoin ETFs See Total Net Inflows Surge to Over $17 Billion
Between July 15 and July 19, 2024, the total net inflow into spot Bitcoin ETFs reached $17.08 billion.
FBTC records highest attendance
On July 19, Bitcoin spot (BTC) ETFs saw inflows of $383.6 million, the second-highest of the month, following a record US$422.9 which arrived on July 16th.
O Fidelity BlackRock’s Wise Origin Bitcoin Fund (FBTC) and iShares Bitcoin Trust (IBIT) continued to lead the charge, raising $141 million and $116.2 million, respectively, according to data from SoSoValue.
Bitcoin Spot ETF Flows for July 19 | Source: SoSoValue
In general, Bitcoin ETFs such as the Bitwise Bitcoin ETF (BITB) and the VanEck Bitcoin Trust ETF (HODL) saw smaller but significant inflows, reinforcing the trend of increasing investor interest.
Bitwise’s BITB had the third-largest inflow with $44.6 million, closely followed by VanEck’s HODL, which contributed $41.8 million to the day’s total.
Grayscale’s GBTC weathered a series of consecutive negative inflows to raise $20.3 million and maintain its presence in the market with $18.29 billion in net assets.
Elsewhere, Coinshares Valkyrie Invesco’s Bitcoin Fund ETF (BRRR) and BTCO managed $7.6 million and $6.4 million, respectively.
While ARK’s AKB saw no action, Franklin Templeton’s EZBC and WisdomTree’s BTCW closed the day’s trading with $3.9 million and $1.8 million in inflows, respectively.
Good week for spot Bitcoin ETFs
Overall, throughout the week, the Bitcoin ETF in Spot The market hit a six-week high in inflows, driven by renewed investor confidence and market optimism. Data from Farside Investors and SoSoValue highlighted the inflows, particularly the $422.5 million in inflows through July 16.
Despite the middle of the week correction fears noted by crypto.news, when ETF inflows fell 87%, shortly after the record day, the overall sentiment remained positive.
Interestingly, the increase in spot BTC ETF uptake was reflected in the improved performance of Bitcoin, which saw a 5% increase in the last 24 hours and a 14.4% increase in the week.
At the time of writing, Bitcoin was trading at $66,541, giving it a market cap of $1.3 trillion. While the current price is still nearly 10% below its all-time high, it has still seen Bitcoin outperform the overall cryptocurrency market, which is up 10.50% according to Information from CoinGecko.