Spot Bitcoin ETFs see total net inflow soar to over $17b

Between July 15 and July 19, 2024, the total net inflow for spot Bitcoin ETFs reached $17.08 billion.

FBTC registers largest inflow

On July 19 spot Bitcoin (BTC) ETFs recorded inflows of $383.6 million, the second highest of the month, following a record $422.9 that came on July 16.

The Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) continued to lead the charge, bringing in $141 million and $116.2 million respectively, as per data from SoSoValue.

Across the board, Bitcoin ETFs such as the Bitwise Bitcoin ETF (BITB) and the VanEck Bitcoin Trust ETF (HODL) saw smaller yet significant inflows, reinforcing the trend of increasing investor interest.

Bitwise’s BITB had the third-highest inflow at $44.6 million, closely followed by VanEck’s HODL, which contributed $41.8 million to the day’s total.

Grayscale’s GBTC bucked a run of consecutive negative flows to bring in $20.3 million and maintained its market presence with $18.29 billion in net assets.

Elsewhere, the Coinshares Valkyrie Bitcoin Fund ETF (BRRR) and Invesco’s BTCO managed $7.6 million and $6.4 million respectively.

While ARK’s AKB posted no action whatsoever, Franklin Templeton’s EZBC and WisdomTree’s BTCW closed out the day’s trading with $3.9 million and $1.8 million in inflows respectively.

Good week for spot Bitcoin ETFs

Overall, throughout the week, the spot Bitcoin ETF market hit a six-week-high in inflows, driven by renewed investor confidence and market optimism. Data from Farside Investors and SoSoValue highlighted the influx, especially the $422.5 million in inflows by July 16. 

Despite the midweek correction fears noted by crypto.news, when ETF inflows plunged 87%, soon after the record-setting day, the overall sentiment remained positive.

Interestingly, the surge in spot BTC ETF uptake was mirrored by Bitcoin’s improving performance, which saw a 5% uptick in the last 24 hours and a 14.4% increase over the week.

At the time of writing, Bitcoin was trading at $66,541, giving it a market capitalization of $1.3 trillion. While the current price is still nearly 10% lower than the all-time high price, it has still seen Bitcoin outperform the global crypto market which is itself up by 10.50% according to information from CoinGecko.