ETFs
Bitcoin ETFs See Renewed Interest, Inflows Surpass $310 Million
Bitcoin Cash (Bitcoin) Exchange-traded funds (ETFs) saw a surge on July 12, with inflows topping $310 million, the highest level since June 5.
BlackRock’s iShares Bitcoin Trust (IBIT) and the loyalty Wise Origin Bitcoin Fund (FBTC) led the inflows, bringing in $120.03 million and $115.14 million, respectively, according to information SoSoValue. The Bitwise Bitcoin ETF (BITB) followed with $28.42 million, and the Grayscale Bitcoin Trust (GBTC) saw a rare inflow of $23.01 million.
Bitcoin Spot ETF Flows as of July 12 | Source: SoSoValue
THE Van Eck Bitcoin Trust ETF (HODL) and Invesco Galaxy Bitcoin ETF (BTCO) saw additional inflows of $6.56 million and $4.03 million, respectively. However, ETFs from Hashdex, Franklin Templeton, Valkyrie and WisdomTree saw no inflows on the same day.
The July 12 results mark the largest influx since June 5, when Bitcoin ETF raised just over $488 million. It should be noted that there was no outflow of funds at that time.
Additionally, according to ETF market watcher HODL15Capital, US-based Bitcoin spot ETFs now hold a record amount of BTC at 888,607 coins.
By data According to Farside Investors, the recent activity brings total inflows since the start of the week to $1.04 billion. Since their launch earlier this year, Bitcoin spot ETFs have racked up nearly $16 billion in net inflows.
It is worth noting that this tally includes over $18.6 billion that has left GBTC since its transition to a spot ETF 6 months ago. Interestingly, despite the outflows, the Shades of grey The Bitcoin product is still the second-largest ETF by net assets, with approximately $15.73 billion worth of Bitcoin.
News of record Bitcoin ETF inflows appears to have sent the price of the cryptocurrency soaring, which at the time of writing was trading at $58,543, up 2.4% from where it was 24 hours ago.
However, the price increase came amid reduced trading volumes, with around $21.76 billion worth of Bitcoin traded in the past 24 hours, down 23.29% from the previous day.