Bitcoin ETF inflows hit 5-week high as spot markets rally continues

Total inflows into the ten US spot Bitcoin ETFs reached $310 million, or 5,361 BTC, on Friday, July 12. This is the biggest inflow into derivatives since June 5, according to Farside Investors.

Additionally, it is the sixth consecutive day of positive flows, indicating that institutional investors have been buying into the fund’s recent market correction.

Last week’s total inflow exceeded $1 billion, and the products haven’t seen an exit since July 3rd.

✅ US Bitcoin ETF final inflows on 07/12 of $311 million (5,361 $BTC)

6th consecutive positive day 👌 pic.twitter.com/jap2jftUeN

— HODL15Capital 🇺🇸 (@HODL15Capital) July 13, 2024

BTC supply registry maintained by ETF

The BlackRock IBIT fund led the pack with an entry of $120 million, closely followed by Fidelity’s FBTC with $115 million. Earlier this week, the IBIT fund hit a milestone of $18 billion in inflows since its launch in January.

“Meanwhile, IBIT et al. continue to devour BTC like Super Pac-Man. Impressive price still below 60k after 20% drop.” he commented Eric Balchunas, senior ETF analyst, in a post at X on July 12.

The Bitwise Bitcoin ETF BITB had an inflow of about $28 million, and the others were negligible. Even Grayscale’s GBTC spot ETF saw an inflow of $23 million after three days of outflows this week.

GBTC outflows have slowed significantly, however, with the fund losing around 348,000 BTC or 56% of its total assets so far this year.

HODL Capital reported that the total amount of BTC of all Bitcoin ETFs globally has exceeded one million in a new record high. This is equivalent to approximately 5.3% of the total circulating supply of the asset.

🌎 Global Bitcoin ETF Tracker UPDATED👇

39 HODL funds 1,051,569 #Bitcoin (new record high) 🧮 pic.twitter.com/WRgSgZj6Ky

— HODL15Capital 🇺🇸 (@HODL15Capital) July 13, 2024

Reluctant retailers

However, while Bitcoin ETFs are aggressively rallying, retail market sentiment remains extremely fearful, analysts noted.

#Bitcoin ETFs are piling up aggressively while market sentiment is extremely fearful pic.twitter.com/B3Kvu581sO

— Quinten | 048.eth (@QuintenFrancois) July 13, 2024

Bitcoin hit an intraday high of $58,500 on Friday and soared to over $60,000 on Sunday morning after the failed assassination attempt on Donald Trump.

In addition, the German government appears to have exhausted its supply of Bitcoin, which could ease the selling pressure going forward.

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