Surge in bitcoin etf inflows reaches five-week high

Surge in Bitcoin ETF Inflows Reaches Five-Week High

Last Updated: July 14, 2024By

On July 12, U.S.-based spot Bitcoin ETFs experienced a notable inflow of over $310 million, marking their most significant single-day performance since June 5.

Leading the charge, BlackRock’s iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund captured substantial inflows, registering $120 million and $115.1 million, respectively, as reported by Farside Investors.

Bitwise Bitcoin ETF secured the third spot with $28.4 million, while Grayscale Bitcoin Trust enjoyed a rare inflow day, attracting $23 million.

Additional inflows were recorded by VanEck Bitcoin Trust ETF and Invesco Galaxy Bitcoin ETF, which garnered $6 million and $4 million, respectively. This follows Grayscale’s flagship Bitcoin product conversion to a spot ETF form in January, leading to over $18.6 billion in outflows.

The Hashdex Bitcoin ETF witnessed a modest net outflow of $2 million, standing as the only other spot Bitcoin ETF with negative movement.

Currently, Bitcoin has risen 1.1% over the past 24 hours, trading at $57,858 according to CoinGecko data. However, the cryptocurrency is down nearly 15% over the last month and 21% from its all-time high.

Amidst this, some spot Bitcoin ETF issuers are gearing up to launch spot Ether (ETH) ETFs, potentially as soon as July 15, per Nate Geraci, president of The ETF Store. These issuers await the SEC’s approval on their revised S-1 registration statements, having received initial feedback in late June.

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About the Author: Eunji Lim

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