US Bitcoin ETFs Record $310 Million Inflow, Highest in 5 Weeks
US Bitcoin ETFs concluded trading on July 12 with a $310 million USD inflow, bringing the total inflow over the past 6 days to $1.19 billion USD.
US Bitcoin ETFs See $310 Million Inflow, Highest in 5 Weeks. Photo: Bloomberg
According to data from Farside Investors, 10 US Bitcoin ETFs closed their trading session on July 12 with an inflow of $310 million USD.
Specifically, BlackRock's IBIT once again led the pack with an investment of $120 million USD into the Bitcoin market, followed closely by Fidelity's FBTC with $115 million USD. Meanwhile, other funds reported more modest inflows, with Grayscale's GBTC at $23 million USD, Bitwise's BITB at $28.4 million USD, Ark Invest's ARKB at $13 million USD, among others.
Inflow/outflow statistics of US Bitcoin ETFs. Source: Farside Investors (July 13, 2024)
This marks the highest 24-hour inflow recorded since June 4 and 5, when these funds saw inflows of $886 million USD and $488 million USD, respectively.
In total, US Bitcoin ETFs have had a successful week of trading with a continuous 6-day inflow streak since July 5, totaling $1.19 billion USD.
This period coincides with Germany accelerating its Bitcoin liquidation efforts, having completed the sale of over $3 billion USD in BTC since June 19.
The resurgence in buying activity by Bitcoin ETFs on July 5 also coincided with BTC plummeting to its lowest price in 5 months at $53,500 USD, amidst cryptocurrency markets being rattled by negative news surrounding Germany's Bitcoin sales and Mt. Gox's confirmation of starting reimbursements for users affected by a hack a decade ago. This suggests that US investors may have taken advantage of the opportunity to "buy the dip" in recent days.
However, BTC prices have yet to recover to the $60,000 USD level, partly due to prevailing investor skepticism about the future prospects of the world's largest cryptocurrency, as significant selling pressure from major players still looms. Most recently, the community discovered that Genesis Trading quietly transferred nearly $800 million USD in BTC to exchanges, with $1.9 billion USD of Bitcoin remaining to be liquidated.
In June, US Bitcoin ETFs set a record with 19 consecutive days of inflows totaling over $4 billion USD, but this did not propel BTC above its all-time high of $73,000 USD, leading to swift and deep corrections in subsequent weeks.
