BlackRock’s iShares Bitcoin Trust and the Grayscale Bitcoin Trust, the two largest spot Bitcoin ETFs by net asset value, saw no new inflows on Monday.
United States-based spot Bitcoin exchange-traded funds (ETFs) experienced significant daily inflows of $129.45 million on July 1, marking the fifth consecutive day of positive flows.
Spot Bitcoin ETFs in the U.S. were approved on January 10 and began trading the following day. Initially, major ETF issuers saw substantial inflows and trading volumes, except for the Grayscale Bitcoin Trust (GBTC), which has seen zero inflows or significant outflows since its conversion to an ETF.
The $129.45 million of inflows on July 1 is the highest figure since June 7. With these inflows, the BTC price reclaimed $63,000 after nearly three weeks of struggling to overcome the key resistance level of $62,000.
Data from the crypto research platform SoSo Value shows that Fidelity’s Wise Origin Bitcoin Fund registered the highest inflow, with 1,030 BTC worth $65 million, followed by the Bitwise Bitcoin ETF with 650 BTC worth $41 million. The ARK 21Shares Bitcoin ETF had inflows of 205 BTC worth $13 million, while BlackRock’s iShares Bitcoin Trust and GBTC saw zero flows on Monday, June 1.
July 1 marked the fifth consecutive day of net inflows for spot BTC ETFs after nearly seven days of outflows in the last week of June.
Source: SoSoValue
June was a bearish month for Bitcoin ETFs and BTC prices, with spot Bitcoin ETFs recording nine days of outflows and ten days of inflows. The value of outflows was significantly higher than that of inflows.
The recent bullish trend for spot BTC ETFs coincided with Monday’s BTC price surge, which saw the price hit a new weekly high of $63,778. However, Bitcoin dipped below $63,000 again in the early hours of June 2, trading at $62,558 at the time of writing. Although BTC’s price has recovered from its weekly low below $60,000, it is still down over 15% from its all-time high of $73,750 in March.
July has historically been a bullish month for Bitcoin, and with spot Ether ETF approvals likely approaching, the crypto market could see another bullish rally in the coming weeks.
