- BlackRock’s IBIT leads with $260M inflows, indicating strong market dominance and investor confidence.
- Fidelity’s FBTC and other Bitcoin ETFs see notable inflows, showing sustained interest in Bitcoin investments.
- Upcoming Ethereum ETFs may face challenges due to lack of staking and Bitcoin’s first-mover advantage.
Bitcoin’s exchange-traded funds (ETFs) experienced a boost on July 16, 2024, as net inflows reached an impressive $423 million. This surge represents the largest inflow in the past 27 days and marks the eighth consecutive trading day of strong positive inflows, indicating market confidence.
BlackRock Leads the Pack
Among the ETFs, BlackRock’s IBIT emerged as a key player, drawing in $260 million. This is the highest inflow for IBIT in 26 days, showcasing its dominance in the market. Fidelity’s FBTC followed with $61 million, while ARKB and HODL attracted $29 million and $22 million, respectively.
BTCO and BITB also saw notable inflows of $20 million and $17 million. In contrast, EZBC recorded the lowest inflow at $9 million, with BTCW and GBTC reporting no inflows. Remarkably, none of the Bitcoin ETFs experienced any outflows.
Positive Momentum for Bitcoin ETFs
According to SpotOnChain, an on-chain analytics provider, these substantial inflows highlight a growing interest in Bitcoin ETFs. The consistent positive net inflow over the past eight days suggests a resilient investor sentiment toward Bitcoin’s potential. This trend is further evidenced by the substantial figures reported by various ETFs.
Amid these inflows, Bitcoin’s market performance also showed a positive trend. At the time of writing, Bitcoin was trading at $65,273.11, reflecting a 4.00% increase over the past 24 hours. This price movement highlights the market’s response to the ongoing inflows into Bitcoin ETFs and the overall positive sentiment.
Upcoming Ethereum ETFs and Market Outlook
In addition to the Bitcoin ETF inflows, the crypto market anticipates the launch of Ethereum ETFs next week. Multiple issuers, including Grayscale, Fidelity, BlackRock, 21Shares, VanEck, Bitwise, Franklin Templeton, and Invesco, received approval to launch their spot ETH ETFs simultaneously.
However, Citi Bank suggests that while Ethereum ETFs are expected to attract huge inflows, they might not match the early success of Bitcoin ETFs due to Bitcoin’s first-mover advantage.
One notable difference is that Ethereum ETFs do not include staking, a feature that allows investors to earn rewards. This could impact the overall attractiveness of Ethereum ETFs compared to their Bitcoin counterparts, potentially influencing investor decisions and the relative inflows.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
