Bitcoin ETFs see renewed interest, inflows surpass $310m

Spot Bitcoin (BTC) exchange-traded funds (ETFs) witnessed a significant surge on July 12, with inflows exceeding $310 million, reaching the highest level since June 5.

BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) led the inflows, bringing in $120.03 million and $115.14 million respectively, according to SoSoValue. Bitwise Bitcoin ETF (BITB) followed with $28.42 million, and Grayscale Bitcoin Trust (GBTC) saw a rare inflow of $23.01 million.

Spot Bitcoin ETF flows as of July 12 | Source: SoSoValue

The VanEck Bitcoin Trust ETF (HODL) and Invesco Galaxy Bitcoin ETF (BTCO) recorded additional inflows of $6.56 million and $4.03 million respectively, but ETFs from Hashdex, Franklin Templeton, Valkyrie, and WisdomTree did not record any inflows on the same day.

The July 12 results mark the largest inflow since June 5, when spot Bitcoin ETFs accumulated just over $488 million. Notably, there were no outflows on that day.

Additionally, according to ETF market watcher HODL15Capital, US-based spot Bitcoin ETFs currently hold an all-time high of 888,607 coins.

The latest activity brings total inflows since the beginning of the week to $1.04 billion, according to data from Farside Investors. Since their launch at the beginning of the year, spot Bitcoin ETFs have accumulated net inflows of around $16 billion.

Notably, this total includes more than $18.6 billion that has flowed through GBTC since it converted to a spot ETF 6 months ago. Interestingly, despite the outflows, Grayscale’s Bitcoin product is still the second-largest ETF by net assets, holding approximately $15.73 billion worth of Bitcoin.

News of record Bitcoin ETF inflows appears to have pushed up the price of the cryptocurrency, which at press time was trading at $58,543, 2.4% higher than 24 hours ago.

Bitcoin 24-hour price chart | Source: CoinGecko

However, the increase in prices came alongside a decline in trading volumes, with approximately $21.76 billion worth of Bitcoin traded in the last 24 hours, a 23.29% decrease compared to the previous day.