ETFs
Bitcoin ETFs See Fifth Consecutive Day of Positive Inflows, Net IBIT at $72.1 Million
Place Bitcoin ETF (BTC) The US recorded its fifth consecutive day of inflows on July 11, with $72.1 million in net inflows as Bitcoin surpassed the $59,000 mark.
According to data provided by Farside Investors, these investment products recorded $72.1 million in positive net flows on July 11. This follows a positive week that began with $143.1 million in inflows on July 5.
Leading the pack was BlackRock’s IBIT, which raked in $72.1 million in inflows, bringing its total to an extraordinary $18.1 billion. Next came Fidelity’s FBTC, which raked in $32.7 million, bringing its cumulative inflows to $9.6 billion.
Bitcoin ETF Flow Chart | Source: Other side
Bitwise’s BITB and ARK’s ARKB also reported increases, with inflows of $7.5 million and $4.3 million, respectively, bringing their total inflows to $2.1 billion and $2.5 billion.
In contrast, Grayscale’s GBTC saw a withdrawal of $37.7 million, bringing its total outflows to $18.7 billion, despite a brief spike in inflows on July 8.
Other notable funds, such as Invesco Galaxy’s BTCO, Franklin Templeton’s EZBC, Valkyrie Bitcoin’s BRRR, VanEck’s HODL, and WisdomTree’s BTCW, have not seen significant changes in their flow activity. Nonetheless, the overall Bitcoin ETF landscape remains robust, with cumulative inflows totaling $15.5 billion, according to data from Farside Investors.
This inflow into Bitcoin ETFs coincides with encouraging economic indicators, as inflation rates in the United States slow for the fourth consecutive month.
June notably saw a 0.1% reduction in inflation, the first monthly decline since May 2020, signaling progress in the Federal Reserve’s efforts to manage inflationary pressures.
Simultaneously, Bitcoin prices rebounded from their four-month low, surging past $59,000 on July 11, a 3.4% increase over the past week.
Despite potential supply pressures resulting from the distribution of assets by Mt. Gox Creditors and Bitcoin Sale Seized by German Government, The influx of capital into Bitcoin ETFs has helped stabilize the price of the cryptocurrency during this turbulent period.