BTC ETF inflows reached $533m ahead of ETH ETF launch

Spot Bitcoin exchange-traded funds in the US saw a succession of inflows ahead of the launch of the spot Ethereum ETF.

According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs recorded inflows of $533.6 million on July 22, the highest since the $886.6 million inflow on June 4. This was the third consecutive week of inflows for the investment product.

According to Farside Investors, most of the inflows worth $526.7 million came from BlackRock’s iShares Bitcoin Trust (IBIT). With the recent surge, the total inflows to the IBIT ETF are approaching the $19.5 billion mark.

The data shows that Fidelity Wise Origin Bitcoin Fund (FBTC), Invesco Galaxy Bitcoin ETF (BTCO), and Franklin Bitcoin ETF (EZBC) also received inflows of $23.7 million, $13.7 million, and $7.9 million, respectively.

Additionally, despite the bullish sentiment in the market, the VanEck Bitcoin Trust (HODL) recorded an outflow of $38.4 million.

The remaining spot BTC ETFs, including Grayscale Bitcoin Trust (GBTC), remained neutral. The total holdings of these investment products currently stand at $17.58 billion, according to Farside Investors.

Bitcoin price is down 1.3% in the last 24 hours as spot BTC ETFs start the week with gains. The flagship cryptocurrency is trading at $66,650 with a market cap of $1.31 trillion at press time.

BTC price – July 23 | Source: Trading View

Notably, spot Ethereum (ETH) ETFs in the US are also expected to start trading today after receiving the green light from the US SEC. So far, the regulator has approved ETF applications from BlackRock, Fidelity, VanEck, 21Shares, and Bitwise.