Spot Bitcoin ETFs See $423M in Net Inflows, Maintaining 8-Day Streak

Ruholamin Haqshanas

Last updated:

July 17, 2024, 03:49 EDT | 2 min read

Spot Bitcoin exchange-traded funds (ETFs) in the United States saw $423 million in net inflows on Tuesday, marking the eighth consecutive day of positive flow for these funds.

Among the spot Bitcoin ETFs, BlackRock’s IBIT emerged as the leader in terms of net inflows, reporting $260.23 million, its highest since June 6, according to data from SoSoValue.

The strong performance of IBIT was accompanied by significant trade volume, with approximately $1.02 billion worth of trades uted on Tuesday.

Fidelity’s FBTC followed closely with $61.05 million in net inflows, while Ark Invest’s ARKB and 21Shares’ ARKB saw $29.85 million and $22.04 million inflows, respectively.

Other Funds See Minor Flows

Invesco, Galaxy Digital, Bitwise, Franklin Templeton, and Valkyrie also experienced net inflows into their spot Bitcoin funds.

Notably, Grayscale’s GBTC fund did not record any flow activity on Tuesday, suggesting a temporary lull in investor interest.

The total trading value of U.S. spot Bitcoin funds reached $1.76 billion on that day.

Bitcoin spot ETFs had a total net inflow of $423 million on July 16, continuing net inflows for 8 consecutive days. BlackRock ETF IBIT had a single-day inflow of $260 million, and Fidelity ETF FBTC had a single-day inflow of $61.053 million.

— Wu Blockchain (@WuBlockchain) July 17, 2024

Since their launch in January, these ETFs have amassed a cumulative net inflow of $16.53 billion, demonstrating the sustained interest from investors.

During the same period, the price of Bitcoin experienced a 1.61% increase, reaching $65,865, with a temporary surge above $66,000.

In a recent note, Matteo Greco, a Research Analyst at Fineqia International, noted the bullish trend for Bitcoin over the past week.

The cryptocurrency’s price rise was supported by consistent net inflows into BTC spot ETFs, surpassing $1 billion for the week, with Friday alone recording $310 million in inflows.

Greco highlighted the milestone achievements of major players in the market, such as Fidelity’s FBTC surpassing $10 billion in assets under management (AUM), joining BlackRock’s IBIT and Grayscale’s GBTC.

Together, BTC spot ETFs now manage over $51.3 billion in assets, representing more than 4.5% of the total bitcoin supply.

Spot Ether ETFs Could be on the Horizon

Meanwhile, there’s anticipation in the market regarding the imminent launch of Ethereum (ETH) Spot ETFs, with expectations high for SEC approval possibly within July.

Analysts foresee strong inflows into ETH Spot ETFs, mirroring the success seen with BTC, albeit adjusted for the differing market dynamics between Bitcoin and Ethereum.

“Following the success of BTC Spot ETFs, strong inflows are expected for ETH Spot ETFs, adjusted for the market cap difference between BTC and ETH,” Greco wrote.

“Despite differing market conditions, ETH Spot ETFs may also see outflows from Grayscale Ethereum Trust, similar to what happened with GBTC. This comparable scenario will provide more reliable insights to analyse the impact of ETH Spot ETFs launch.”

As reported, digital asset investment products saw inflows totaling $1.44 billion last week, pushing year-to-date inflows to a staggering $17.8 billion, far exceeding the $10.6 billion recorded in all of 2021.

Bitcoin attracted the fifth-largest weekly inflows on record, totaling $1.35 billion.

Conversely, short-Bitcoin products experienced the largest weekly outflow since April, amounting to $8.6 million.

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