Bitcoin ETFs Attract $130M in Inflows, Marking 5th Straight Day of Gains
- The net inflows on Monday were the highest for the Bitcoin ETFs since June 7.
- Yesterday’s inflows were $65 million for Fidelity’s FBTC and $41 million for Bitwise’s BITB.
Monday was the fifth day in a row that the eleven U.S. spot bitcoin exchange-traded funds have reported positive flows, with a total of $129.45 million. Additionally, the net inflows on Monday were the highest for the ETFs since June 7.
According to statistics from SosoValue, yesterday’s inflows were $65 million for Fidelity’s FBTC and $41 million for Bitwise’s BITB. A total of $13 million came into Ark Invest and 21Shares’ ARKB. Investments of less than $5 million were received by funds managed by VanEck and Franklin Templeton, as well as Invesco and Galaxy Digital.
The two biggest spot bitcoin ETFs by net asset value, IBIT ( BlackRock ) and GBTC ( Grayscale ), both had no transactions on Monday. Moreover, on Monday, trading volume for the 11 bitcoin funds was over $1.36 billion. Since their launch in January, the ETFs have had a net inflow of $14.65 billion.
Bitcoin Price Remains Stable
While it has bounced back from last week’s low of around $60,000, Bitcoin is still trading at a considerable discount compared to its early June price of over $71,000. At the time of writing, Bitcoin is trading at $62,523 as per data from CMC.
According to a research released on Monday by QCP Capital, favorable seasonality in July has traditionally led to higher performance for both bitcoin and ether. Promising seasonal trends were also highlighted by Coinbase analysts for July.
Tuesday saw minimal movement in the price of Bitcoin as investors awaited news on the distribution of tokens from the now-defunct Mt Gox exchange and keenly followed interest rate signals. Despite seemingly improved mood after high withdrawals during June, data from fund flow shows that digital assets had a third consecutive week of outflows.
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