Bitcoin ETF Inflows Hit 5-Week High as Spot Markets’ Recovery Continues
The post Bitcoin ETF Inflows Hit 5-Week High as Spot Markets’ Recovery Continues appeared on BitcoinEthereumNews.com.
The total inflow to the ten U.S. spot Bitcoin ETFs reached $310 million, or 5,361 BTC, on Friday, July 12. This is the largest inflow to the derivatives products since June 5, according to Farside Investors. Moreover, it is the sixth consecutive day of positive flows, indicating that institutional investors have been buying the bottom of the recent market correction. The total inflow for the past week has topped a billion dollars, and the products have not seen an outflow since July 3. ✅ Final 7/12 U.S. Bitcoin ETF inflows of $311 million (5,361 $BTC) 6th consecutive positive day 👌 pic.twitter.com/jap2jftUeN — HODL15Capital 🇺🇸 (@HODL15Capital) July 13, 2024 Record BTC Supply Held By ETFs The BlackRock IBIT fund led the pack with an inflow of $120 million closely followed by Fidelity’s FBTC with $115 million. Earlier this week, the IBIT fund hit a milestone of $18 billion in inflows since it launched in January. “In the meantime, IBIT et al. continue to gobble up BTC like Super Pac-Man. Impressive given price still sub-60k after a 20% drop,” commented senior ETF analyst Eric Balchunas in a post on X on July 12. The Bitwise Bitcoin ETF BITB had an inflow of around $28 million, and the others were negligible. Even Grayscale’s GBTC spot ETF saw an inflow of $23 million following three days of outflows this week. Outflows from GBTC have slowed significantly, however, the fund has lost around 348,000 BTC or 56% of its total assets so far this year. HODL Capital reported that the total amount of BTC held by all Bitcoin ETFs globally has topped one million in a new record high. This equates to roughly 5.3% of the total circulating supply of the asset. 🌎 UPDATED global Bitcoin ETF tracker👇 39 funds HODL 1,051,569 #Bitcoin (new record…
Filed under: News - @ July 14, 2024 2:24 pm