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Spot Bitcoin ETFs Extend Inflow Streak to Three Days

Spot Bitcoin ETFs recorded a $12 million inflow on Thursday, continuing their positive flows for the third trading day.

Bitcoin ETF

Spot Bitcoin exchange-traded funds (ETFs) have continued their inflow trend, seeing $12 million in net inflow on Thursday 27, June 2024. With the latest inflow, the investment vehicles have now extended their positive flow streak to three trading days, starting Tuesday 25, June. Moreover, this reversed a prior trend where the products experienced a seven-day outflow streak that saw them losing more than $1 billion.

Inflow Data on June 27

According to data from SosoValue, Bitwise Bitcoin ETF (BITB) led the positive flows on Thursday, seeing a net inflow of $8 million. This takes its historical net inflow to $2 billion. The inflow from BITB was followed by Fidelity Wise Origin Bitcoin Fund (FBTC) with $7 million, Franklin Bitcoin ETF (EZBC) with $4 million, Invesco/Galaxy (BTCO) with $3 million, and ARK 21Shares Bitcoin ETF (ARKB) with $2 million.

BlackRock iShares Bitcoin Trust (IBIT), VanEck Bitcoin Trust (HODL), Valkyrie Bitcoin Fund (BRRR), BTCO), Franklin Bitcoin ETF (EZBC), WisdomTree Bitcoin Fund (BTCW), and Hashdex Bitcoin ETF (DEFI), recorded zero flows for the day. SosoValue data shows that the 11 products saw daily trading of approximately 920 million, down from a peak of $10 billion in March.

Meanwhile, This flow brings the commutative net inflow of spot Bitcoin ETFs to $14.45 billion with a total net asset value (NAV) of $53.13 billion since trading started on January 11.

Investors Turn More Optimistic 

The latest development underscores investors’ demand for the financial products and optimism about the price of bitcoin (BTC).

The price of BTC surged from $61,129 on June 27 to $61,560 at the time of filing this report, representing a 0.7% increase, according to data from CoinGecko. However, the original cryptocurrency is down 4% over the last seven days and 9% over the past month.

Lucky Ebosele

Lucky Ebosele is an avid writer with over two years of experience covering cryptocurrencies and blockchain tech. He is constantly researching the latest trends and developments in the space. Away from crypto, he loves everything football.