The post Bitcoin ETFs garner almost $130M inflows, fueling bullish July outlook appeared on BitcoinEthereumNews.com.

On Monday, the eleven U.S. spot bitcoin exchange-traded funds(Bitcoin ETFs) reported a total daily net inflow of $129.45 million, marking the fifth day in a row of positive flows. This is the largest since early June, following withdrawals of more than $900 million over the month. Singapore-based QCP Capital  states that “Bitcoin has a median return of 9.6% in July and tends to bounce back strongly, especially after a negative June (-9.85%). Our options desk also saw flows positioning for an upside move last Friday into the month-end, possibly in anticipation of the ETH spot ETF launch. Many signs point to a bullish July.” Source: SosoValue According to SosoValue data, Fidelity’s FBTC led the inflows yesterday with $65 million, followed by Bitwise’s BITB, which registered $41 million. $13 million in net inflows were recorded by Ark Invest and 21Shares’ ARKB. Invesco, Galaxy Digital, VanEck, and Franklin Templeton funds experienced comparatively little inflows of approximately $5 million. The two largest spot bitcoin ETFs by net asset value, BlackRock’s IBIT, and Grayscale’s GBTC, experienced no inflows on Monday. On Monday, the 11 bitcoin funds had a trading volume of over $1.36 billion. Since the ETFs’ launch in January, they have amassed a net inflow of $14.65 billion. How a spot ETF maintains its price A spot ETF’s price may differ from the underlying asset’s actual value. Authorized participants, or APs, can create or redeem large blocks of shares to align the fund with the asset’s actual value. APs are usually big banks that take advantage of the arbitrage opportunity that arises when the price of an ETF is more significant or lower than the underlying asset’s value. Also Read: Bitcoin may have hit bottom, discount on the Coinbase Premium Index shows On January 10, the SEC approved eleven spot Bitcoin ETFs, signaling…

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Filed under: News - @ July 2, 2024 8:24 pm