Bitcoin ETFs Witness Significant Increase in Total Net Inflow, Surpassing $17 Billion

Between July 15 and July 19, 2024, the total net inflow for spot Bitcoin ETFs surged to $17.08 billion.

FBTC led the way on July 19 with spot Bitcoin (BTC) ETFs witnessing inflows of $383.6 million, marking the second-highest influx for the month, following a record $422.9 million on July 16. The Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) continued their dominance, attracting $141 million and $116.2 million, respectively, as per data from SoSoValue.

Various Bitcoin ETFs, including the Bitwise Bitcoin ETF (BITB) and the VanEck Bitcoin Trust ETF (HODL), experienced notable inflows, indicating a growing interest from investors. BITB secured the third-highest inflow at $44.6 million, closely trailed by HODL, contributing $41.8 million to the total on that day.

Grayscale’s GBTC reversed a streak of negative flows by attracting $20.3 million, maintaining its market presence with $18.29 billion in net assets. Additionally, the Coinshares Valkyrie Bitcoin Fund ETF (BRRR) and Invesco’s BTCO saw inflows of $7.6 million and $6.4 million, respectively.

Meanwhile, ARK’s AKB remained inactive, while Franklin Templeton’s EZBC and WisdomTree’s BTCW closed the day with inflows of $3.9 million and $1.8 million, respectively.

Throughout the week, the spot Bitcoin ETF market experienced a six-week high in inflows, bolstered by renewed investor confidence and market optimism. Data from Farside Investors and SoSoValue underscored the significant inflow, particularly the $422.5 million recorded by July 16.

Despite concerns of a midweek correction where ETF inflows dropped by 87%, sentiment remained positive post the record-setting day. The surge in spot BTC ETF uptake mirrored Bitcoin’s improved performance, with a 5% increase in the last 24 hours and a 14.4% rise over the week.

As of the latest update, Bitcoin was trading at $66,541, with a market capitalization of $1.3 trillion. While the current price remains nearly 10% below the all-time high, Bitcoin has outperformed the global crypto market, which has seen a 10.50% increase according to information from CoinGecko.