Bitcoin
Spot Bitcoin ETFs Rebound, $137.2 Million in Inflows Surge in Four Days
Bitcoin spot in the US (BTC) ETFs registered a positive change, recording four consecutive days of net inflows worth $137.2 million.
The recovery began on June 25th after a difficult week of consistent net profit exits in almost all funds.
Bitcoin Spot ETF Flows June 25-28 | Source: Farside Investors
That day, for data from Farside Investors, U.S. Bitcoin spot ETFs saw $31 million in net inflows, with Fidelity’s FBTC leading the charge with $48.8 million in inflows, followed by the Bitwise Bitcoin ETF (BITB) with $15 .2 million. The VanEck Bitcoin Trust (HODL) also reported $3.5 million in net inflows.
The rest of the funds remained largely neutral, except for Grayscale’s GBTC, which faced significant net outflows of $30.3 million. However, on June 26, GBTC recorded its first positive inflow since June 5, as the ETFs collectively recorded a net inflow of $21.4 million.
Again, Fidelity and VanEck made gains, respectively, bringing in $18.6 million and $3.4 million in BTC. 21Shares’ ARK Invest and ARKB were the worst-performing funds on June 26, recording nearly $5 million in net outflows.
On June 27, net inflows were much lower than the previous two days, with spot Bitcoin ETFs taking in around $11.8. The activity was distributed among five funds, with Bit by bit responsible for the largest inflow of US$8 million. Fidelity also had another positive day, recording $6.7 million in net inflows.
Invesco Galaxy’s BTCO fund also saw a positive inflow of $3.1 million after two consecutive days of zero net inflows. The same was replicated in the Franklin Bitcoin ETF (EZBC), which saw $3.6 million coming in after two days of no net inflows. GBTC, however, fell back to net outflows, losing around $11.4 million worth of Bitcoin.
On June 28, Bitcoin spot ETFs saw a total inflow of $73 million. Grayscale’s GBTC saw more outflows of about $27.2 million, while BlackRock’s IBIT had a one-day inflow of $82.4 million. ARKB also had a good day, recording inflows of $42.8 million. The remainder of the funds saw no net inflows despite a substantial daily trading volume of $1.31 billion, according to SoSoValue.
Bitcoin Spot ETF Flow Activity Summary | Source: SoSoValue
To date, the 11 spot Bitcoin ETFs have attracted a total net inflow of over $14.5 billion since their launch in January 2024. This increase ETF Investments have been one of the main drivers of Bitcoin’s record growth this year.
However, in the week that the positive flows occurred, the price of the cryptocurrency fell by more than 5%, possibly influenced by the upcoming refunds to Mt. Gox’s creditors, which could add selling pressure to the market.
At the time of writing, BTC was trading at $60,862.07 and had a market cap of $1,200,201,471,649, according to CoinGecko. The price represented a 1.2% drop in the last 24 hours, meaning it underperformed the overall cryptocurrency market, which also fell 3.6%.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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