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Spot Bitcoin exchange-traded funds (ETFs) in the United States recorded $423 million in net inflows on Tuesday, marking the eighth consecutive day of positive capital flow for these investment vehicles.
Among spot Bitcoin ETFs, BlackRock’s IBIT led the pack with $260.23 million in net inflows, its highest single-day figure since June 6, according to data from SoSoValue.
This strong performance was accompanied by substantial trading activity, with approximately $1.02 billion worth of trades executed on Tuesday.
Fidelity’s FBTC followed closely with $61.05 million in net inflows. Meanwhile, Ark Invest’s ARKB and 21Shares’ ARKB recorded inflows of $29.85 million and $22.04 million, respectively.
Other Funds Experience Minor Flows
Invesco, Galaxy Digital, Bitwise, Franklin Templeton, and Valkyrie also reported net inflows into their respective spot Bitcoin funds.
Notably, Grayscale’s GBTC fund recorded no flow activity on Tuesday, indicating a temporary pause 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. https://t.co/YanotfbWiJ
— Wu Blockchain (@WuBlockchain) July 17, 2024
Since their launch in January, these ETFs have accumulated a total net inflow of $16.53 billion, demonstrating sustained investor interest.
During the same period, Bitcoin’s price increased by 1.61%, reaching $65,865, with a temporary surge above $66,000.
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In a recent note, Matteo Greco, a Research Analyst at Fineqia International, highlighted the bullish trend for Bitcoin over the past week.
The cryptocurrency’s price rise was supported by consistent net inflows into BTC spot ETFs, which surpassed $1 billion for the week, with Friday alone recording $310 million in inflows.
Greco pointed out the milestone achievements of major market players, 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, the market anticipates 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.
