Markets
Spot Bitcoin ETFs See Total Net Inflows Rise to Over $17 Billion
Between July 15 and July 19, 2024, total net inflows into spot Bitcoin ETFs reached $17.08 billion.
FBTC records largest influx
July 19 Bitcoin Spot (BTC) ETFs saw inflows of $383.6 million, the second highest of the month, following a documentation $422.90 arrived on July 16th.
THE Fidelity BlackRock’s Wise Origin Bitcoin Fund (FBTC) and iShares Bitcoin Trust (IBIT) continued to lead the charge, raking in $141 million and $116.2 million, respectively, according to data from SoSoValue.
Bitcoin ETF Spot Flows for July 19 | Source: SoSoValue
Overall, Bitcoin ETFs such as Bitwise Bitcoin ETF (BITB) and VanEck Bitcoin Trust ETF (HODL) have seen smaller but significant inflows, reinforcing the trend of growing investor interest.
Bitwise’s BITB saw the third-highest inflows, with $44.6 million, closely followed by VanEck’s HODL, which contributed $41.8 million to the daily total.
Grayscale’s GBTC bucked a series of consecutive negative flows, raising $20.3 million and maintaining its market presence with $18.29 billion in net assets.
Elsewhere, the Coinshares Valkyrie Invesco’s Bitcoin Fund ETF (BRRR) and BTCO have $7.6 million and $6.4 million under management, respectively.
While ARK’s AKB saw no action, Franklin Templeton’s EZBC and WisdomTree’s BTCW closed the trading day with $3.9 million and $1.8 million in inflows, respectively.
Good Week for Spot Bitcoin ETFs
Overall, throughout the week, the Bitcoin Spot ETFs 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 by July 16.
Despite the middle of the week correction fears noted by crypto.news, when ETF inflows plunged 87%, immediately after the record-breaking day, the overall sentiment remained positive.
Interestingly, the increase in adoption of spot BTC ETFs has been mirrored by the improved performance of Bitcoin, which has seen a 5% increase in the last 24 hours and a 14.4% increase over the course of 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 also up 10.50% according to information by CoinGecko.