Spot Bitcoin ETFs See Highest Daily Inflow in 3 Weeks

After ending the past week with a combined net inflow of $311 million, spot Bitcoin exchange-traded funds (ETFs) have started the new week with positive gains. According to data from SoSoValue, the investment vehicles saw approximately $295 million in net inflow on Monday, July 8, 2024. This is the highest positive flow seen in the past 21 days.

Inflow Data

The majority of this inflow came from BlackRock iShares Bitcoin Trust (IBIT), with a net inflow of $187 million. This takes IBIT’s net inflow to $17.93 billion. Trailing IBIT is Fidelity Wise Origin Bitcoin Fund (FBTC) with an inflow of $62 million and Grayscale Bitcoin Trust ETF (GBTC) with $25 million. Moreover, Bitwise Bitcoin ETF (BITB), 21Shares Bitcoin ETF (ARKB), and VanEck Bitcoin Trust (HODL) saw inflows of $11 million, $8 million, and $2 million, respectively.

The remaining products, including Invesco/Galaxy (BTCO), Valkyrie Bitcoin Fund (BRRR), Franklin Bitcoin ETF (EZBC), WisdomTree Bitcoin Fund (BTCW), and Hashdex Bitcoin ETF (DEFI), saw zero flows.

The latest data brings the cumulative inflow of US spot Bitcoin ETFs to $15.06 billion since they started trading on January 11. Moreover, the products currently have a net asset value (NAV) of $49.32 billion.

Investors Remain Confident 

The positive flow comes amid bitcoin’s (BTC) price weakness, triggered by selling pressure from the now-defunct Mt. Gox and the German government. The price of BTC has been trending downward following consistent sell-offs from a wallet linked to the German government and the Mt. Gox repayment process. 

For instance, bitcoin dropped to as low as $55,000 on Monday after the German government-linked wallet moved a staggering 16,309 BTC (worth nearly $940 million in current prices) in tranches to multiple exchanges, including Coinbase, Bitstamp, and Kraken.

The latest substantial inflow into spot Bitcoin ETFs amid market volatility suggests that investors have strong confidence in the digital asset’s potential to bounce back.

BTC trades at $57,600 at press time, representing an 8% decline over the past week.