Spot Bitcoin ETF Inflows Reach Three-Week High Amid Market Rebound

Spot Bitcoin ETFs in the United States saw a combined inflow of 2,047 BTC worth around $129.4 million on July 1, according to analysts and data from Sosovalve.

The data also revealed a trading volume of $1.36 billion for the 11 funds on Monday. Moreover, the total net inflow accumulation since their launch in January was $14.6 billion.

This is the highest inflow since June 7, according to data from Farside Investors.

The inflow increase comes as BTC recovers from a dip below $60,000 in late June to reclaim the $63,000 level on July 1.

📊 Bitcoin ETF Tracker | 2024-07-01

🟩 Daily Total Net Inflow +$129.45M
💰 Total Value Traded $1.36B
🏦 Total Net Assets $54.92B
📊 ETF Market Value Ratio 4.4%

🥇 Net Inflows/Outflows for Each ETF
🟩 FBTC +$65.03M
🟩 BITB +$41.40M
🟩 ARKB +$12.65M
🟩 HODL +$5.37M
🟩 BTCO… pic.twitter.com/JsnNIEQcaL

— SoSoValue (@SoSoValueCrypto) July 2, 2024

Bitcoin ETF Inflows

According to Sosovalue, Fidelity led the pack with an inflow of 1,030 BTC worth $65 million for its FBTC fund.

The Bitwise BITB fund saw the second largest inflow for the day with $41 million, and Ark 21Shares saw a $13 million inflow for its ARKB ETF.

Funds from VanEck, Franklin Templeton, Invesco, and Galaxy Digital saw relatively minor inflows of around or under $5 million.

There was a net zero flow for BlackRock (IBIT) and Grayscale (GBTC) on July 1.

The total inflow marks the fifth consecutive day of positive flows into U.S. spot BTC ETFs.

Even though the newly launched nine spot Bitcoin ETFs got all the attention and flows in the first half of the year, they were beaten performance-wise by Grayscale’s GBTC, observed industry expert Eric Balchunas on July 1.

Even tho the ‘Newborn Nine’ bitcoin ETFs got all the attention (and flows) in the first half, they were beat perf-wise by $GBTC (which was #1 overall thx to big discount collapse in early Jan) and $EETH, which returned 62% and 44% respectively pic.twitter.com/HHbsRzu0Oz

— Eric Balchunas (@EricBalchunas) July 1, 2024

The bullish inflow comes in the same week that spot Ethereum ETFs could potentially go live in the United States.

ETF Store President Nate Geraci said that spot Ether ETFs “will be the second most successful debut in ETF history, only behind spot BTC ETFs,” before adding, “So two most successful ETF launches in 30+yr ETF history will occur this year.”

Bitcoin Market Outlook

BTC prices have retreated 1.1% on the day, falling to $62,558 at the time of writing. The asset hit a weekly high of $63,790 on July 1 but faced resistance there.

Support currently lies at $61,500 on the low side, and there is more resistance just above $64,000, which needs to be broken for the next leg up.

Altcoins were largely in the red though losses were minor as they cooled from a recent recovery rally.