The recent surge in investor appetite for Bitcoin appears to be continuing. On Monday, the 11 U.S. spot Bitcoin exchange-traded funds (ETFs) reported their fifth consecutive day of positive net inflows, totaling a substantial $129.45 million. This marks the highest daily inflow for these ETFs since June 7th, suggesting renewed confidence in the cryptocurrency.
Fidelity’s FBTC Leads the Charge
Fidelity’s Wise Origin Bitcoin Trust (FBTC) emerged as the top recipient of new money on Monday, attracting a hefty $65 million in net inflows. Bitwise’s Bitcoin ETF (BITB) followed closely behind with $41 million, indicating strong investor interest in these two established funds. Ark Invest and 21Shares’ ARKB also garnered a respectable $13 million in net inflows.
While BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC) – the two largest Bitcoin ETFs by net asset value – did not register any net inflows on Monday, several other funds saw positive but smaller inflows of around or under $5 million each. These include ETFs from Invesco, Galaxy Digital, VanEck, and Franklin Templeton.
Trading Volume Up, Net Inflows Accumulate
The 11 Bitcoin ETFs saw a total trading volume of approximately $1.36 billion on Monday, indicating healthy activity. Since their launch in January, these funds have collectively accumulated a significant net inflow of $14.65 billion, highlighting the growing appeal of Bitcoin investment through traditional financial instruments.
Bitcoin Price Dips Slightly, Still Searching for Direction
Despite the positive news on the ETF front, the price of Bitcoin experienced a minor dip of 0.3% over the past 24 hours, settling at $63,094 at the time of writing (according to The Block). While it has recovered from last week’s brief drop below $60,000, Bitcoin remains notably lower than its price level exceeding $71,000 in early June.
Interestingly, analysts from QCP Capital and Coinbase have pointed towards historical trends suggesting positive performance for both Bitcoin and Ethereum in July. This “July seasonality” could be a contributing factor to the recent rise in Bitcoin ETF inflows.
Looking Forward: Will Positive Inflows Continue?
The sustained inflow of capital into Bitcoin ETFs signifies a growing investor base looking for exposure to the cryptocurrency market. While Bitcoin’s price remains volatile, the positive July seasonality and increasing adoption through ETFs suggest a potentially promising future for the leading digital asset.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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