Bitcoin ETF Records Positive Cash Flow for 7 Consecutive Days - BTC Approaches $65,000
According to data from Farside Investors, U.S. Bitcoin ETFs received $183.7 million in inflows during yesterday's trading session, bringing the total inflow over the past 7 days to $1.3 billion.
10 U.S. Bitcoin ETFs closed the trading session on July 15th with inflows totaling $183.7 million, according to data from Farside Investors.
Official inflow figures from BlackRock have yet to be disclosed. While still in the green, this number represents a 68.7% decrease from the weekly high recorded on July 13th, which stood at $310 million.
Statistics of inflow/outflow for U.S. Bitcoin ETFs. Source: Farside Investors (07/16/2024)
ARKB from ARK 21Shares leads with the highest allocation, receiving $117.1 million flowing into the Bitcoin market. Following with a significant gap are Fidelity's FBTC with $36.1 million and Bitwise's BITB with $15.2 million.
Subsequent names show modest inflows, with WisdomTree's BTCO at $7.9 million, Franklin's EZBC at $3.7 million, and VanEck's HODL at $3.6 million... Notably, no ETFs reported outflows.
In summary, yesterday's ETF trading session marked the 7th consecutive day of positive cash flow, totaling $1.3 billion.
Early this morning, Bitcoin (BTC) approached the $65,000 mark. Over the past 24 hours, the leading cryptocurrency in this market has risen nearly 4%, trading at $64,737 per coin.
1-hour chart of BTC/USDT pair on Binance as of 09:50 AM on July 16, 2024
Most altcoins also saw impressive gains, averaging between 3-10% within the same timeframe.
Source: Coin360
Driven not only by inflows into Bitcoin ETFs, but also by a slew of positive news from the U.S.
Last night, BlackRock CEO Larry Fink continued to praise the world's largest cryptocurrency. Speaking to CNBC, he reiterated Bitcoin's status as an investment that everyone should have in their personal portfolios, drawing parallels to Bitcoin as the digital gold of the past.
The next positive news relates to Ethereum ETFs, where the SEC has scheduled trading to commence on July 23rd, requiring issuers to swiftly finalize their S-1 filings before this time. ETH prices surged nearly 6% following this announcement, as reported by Coin68.
Lastly, noteworthy news from former President Donald Trump, who narrowly survived an assassination attempt the day before. If re-elected for a second term, the U.S. may see its first openly pro-Bitcoin Vice President in Senator JD Vance. Vance has held between $100,000 - $250,000 in Bitcoin since last year and has supported several crypto-friendly bills. He also aims to reform the SEC and CFTC, paving the way for the cryptocurrency industry.
