On Monday, the influx of capital into Bitcoin ETFs soared to its peak since June 7, marking a significant uptick in investor interest. The day saw Fidelity’s FBTC and Bitwise’s BITB garnering $65 million and $41 million, respectively. This surge marked the fifth consecutive day of positive inflows for the eleven U.S. spot bitcoin exchange-traded funds, cumulatively amassing $129.45 million.
Data from SosoValue revealed that Fidelity’s FBTC and Bitwise’s BITB were the primary beneficiaries of these inflows. Ark Invest and 21Shares’ ARKB also witnessed a substantial injection of $13 million. Meanwhile, ETFs managed by VanEck, Franklin Templeton, Invesco, and Galaxy Digital each received investments under $5 million.
Despite no trading activity on Monday, the largest spot bitcoin ETFs by net asset value, BlackRock’s IBIT and Grayscale’s GBTC, remain pivotal players in the market. The trading volume for the collective bitcoin funds exceeded $1.36 billion on the same day. Since their inception in January, these ETFs have experienced a staggering net inflow of $14.65 billion.
Bitcoin’s Price Holds Steady
Bitcoin has rebounded from the previous week’s low, hovering around $60,000, yet it trades at a notable discount from its early June valuation, which exceeded $71,000. Currently, Bitcoin’s price stands at $62,523, according to CMC data.
A recent study by QCP Capital highlighted July’s historically favorable seasonality, suggesting potential gains for both bitcoin and ether. Coinbase analysts also underscored optimistic seasonal patterns for July.
On Tuesday, Bitcoin’s price exhibited little change as the market’s attention was fixed on the anticipated token distribution from the defunct Mt Gox exchange and the implications of interest rate trends. Despite a more positive sentiment following significant withdrawals in June, recent fund flow data indicates that digital assets have faced outflows for the third consecutive week.
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