- BlackRock’s IBIT and Fidelity’s FBTC ETFs dominate, with $120M and $115.1M inflows, respectively, on July 12, 2024.
- Grayscale’s ETF breaks a three-day outflow streak, reporting a $23M inflow amid growing interest in Bitcoin ETFs.
- The cumulative net inflow for U.S. Bitcoin ETFs reached $15.81B over 126 trading days, showcasing strong market resilience.
The U.S. Bitcoin exchange-traded fund (ETF) market is witnessing growth, achieving its largest net inflow in five weeks. On Friday, July 12, 2024, Bitcoin ETFs experienced a remarkable net inflow of over $310 million, marking the highest daily inflow in the past 25 trading days. This surge contributed to a cumulative net inflow of $1.05 billion for the week, with no negative flows recorded on any day.
Friday’s net inflow of $310 million stands out as the most substantial in nearly a month. The last time a higher inflow was recorded was on June 5, with a net inflow of $488.1 million. Despite the broader market’s bearish sentiment, this recent performance shows a growing interest and investment in Bitcoin ETFs.
BlackRock and Fidelity Lead the Way
BlackRock’s IBIT ETF led the inflow with a substantial $120 million, followed closely by Fidelity’s FBTC ETF, which saw an inflow of $115.1 million. Grayscale’s ETF, typically known for outflows, reported a positive inflow of $23 million, breaking its three-day outflow streak.
Other ETFs, including the Valkyrie Bitcoin Fund (BRRR), Invesco Galaxy Bitcoin ETF (BTCO), and WisdomTree Bitcoin Fund (BTCW), did not record any new investments on Friday, marking a zero-inflow day for these funds.
The overall performance of the U.S. Bitcoin ETF market has been impressive. Over the past 126 trading days, the 10 U.S. Bitcoin ETFs have accumulated a net inflow of $15.81 billion. This growth is particularly noteworthy given the ongoing bearish trend in the broader crypto market. Despite this, Bitcoin’s price has remained relatively stable, hovering around the $57,000 mark.
Future Prospects and Market Dynamics
Some Bitcoin ETF issuers are preparing to launch spot Ether (ETH) ETFs, potentially as early as July 15. These issuers await approval from the Securities and Exchange Commission (SEC) following feedback on their amended S-1 registration statements in late June.
At press time, Bitcoin was trading at $58,588.34, up by 1.16% in the past 24 hours. However, it is down by nearly 15% over the past month and 21% below its all-time high. The Hashdex Bitcoin ETF is the only other spot Bitcoin ETF with a net outflow, though it remains relatively small at $2 million.
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.
