U.S.-based spot Bitcoin exchange-traded funds (ETFs) received significant daily inflows of $129.45 million on July 1, marking the fifth consecutive day of positive flows.
These ETFs, launched on Jan. 10 and commencing trading the next day, initially attracted substantial inflows and trading volumes from major issuers, except for the Grayscale Bitcoin Trust (GBTC), which has experienced no inflows or notable outflows since converting to an ETF.
July 1 saw the highest daily inflow since June 7, as Bitcoin’s price surged past $63,000 after struggling for nearly three weeks to break the $62,000 resistance level. SoSo Value, a crypto research platform, reported that Fidelity’s Wise Origin Bitcoin Fund led with an inflow of 1,030 BTC valued at $65 million, followed by Bitwise Bitcoin ETF with 650 BTC worth $41 million. The ARK 21Shares Bitcoin ETF attracted 205 BTC amounting to $13 million, while BlackRock’s iShares Bitcoin Trust and GBTC reported no flows on June 1, remaining the largest spot Bitcoin ETFs by net asset value.
July 1 marked the fifth consecutive day of net inflows for spot BTC ETFs, following almost a week of outflows in late June.
Historically, July has been bullish for Bitcoin. In June, however, Bitcoin ETFs and prices experienced a bearish trend. Throughout the month, spot Bitcoin ETFs recorded nine days of outflows and ten days of inflows, with the outflow value notably surpassing inflows.
The recent rally in spot BTC ETFs coincided with a Monday surge in BTC price, reaching a new weekly high of $63,778. Despite a dip below $63,000 on June 2, trading at $62,558 currently, BTC has recovered from a weekly low below $60,000, yet remains down more than 15% from its peak of $73,750 in March.
Looking ahead, July typically shows promise for Bitcoin, and pending approvals for spot Ether (ETH) ETFs could potentially trigger another bullish rally in the crypto market in the coming weeks.
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