Spot Bitcoin ETFs Attract Over $1.2 Billion in Weekly Inflow

The continued appetite for spot Bitcoin exchange-traded funds (ETFs) has shown no signs of slowing down, as the products received $1.24 billion in net inflow last week (July 15 to July 19). The Bitcoin investment vehicles achieved a net inflow streak for 11 consecutive days with the weekly flow data.

Weekly Inflow Chart 

According to data from SoSoValue, BlackRock iShares Bitcoin Trust (IBIT) led the weekly flows chart with a net inflow of  $707 million, followed by Fidelity Wise Origin Bitcoin Fund (FBTC) with $244 million. In contrast, Grayscale Bitcoin Trust ETF (GBTC) had a weekly net outflow of $56.12 million.

The weekly flow data brings the cumulative net inflow of all 11 US spot Bitcoin ETFs to $17.05 billion since they started trading on January 11. This historical flow is led by IBIT and FBTC, with net inflows of  $18.97 billion and $9.96 billion, respectively. On the other hand, Grayscale’s GBTC has experienced a significant net outflow of $18.7 billion since January 11.

On their most recent trading day (July 19), the products saw a daily net inflow of $427 million, the highest single-day inflow for the month. 

Bitcoin Hits One-Month High 

The latest development, underscoring investors’ confidence in bitcoin (BTC) as a viable asset class, coincides with a major surge in the price of the original cryptocurrency.

On July 19, the price of BTC surged past $67,000 for the first time in more than a month. Since that day, the pioneering cryptocurrency has recorded further gains to edge closer to the $70,000 mark. Analysts project that the digital asset might be heading towards another fresh high in the coming months.

In addition to the positive flows received by spot Bitcoin ETFs, BTC’s recent gains can be attributed to optimism surrounding President Joe Biden’s announcement of not seeking re-election in November. This news is seen as bullish for the market as it increases the chance of Donald Trump‘s return, who is seen as more crypto-friendly.