Bitcoin surges past $64,000 as $300m flows into Bitcoin ETFs

The price of Bitcoin surpassed $64,000 on July 15 following a significant $301 million inflow into 11 spot Bitcoin exchange-traded funds (ETFs) in the United States. This marked the seventh day that these funds have seen positive inflows.

BlackRock’s IBIT, Ark Invest and 21Shares’ ARKB led the inflows, recording $117.2 million each. BlackRock’s IBIT also emerged as the most-traded Bitcoin ETF on Monday, with $1.24 billion in trading volume.

Bitcoin ETF Flow (million USD) – 2024-07-15

TOTAL NET FLOW: 300.9
(Temporary data)

IBIT: 117.2
FBTC: 36.1
BIT: 15.2
BACKGROUND: 117.2
BTCO: 7.9
EZBC: 3.7
BRR: 0
HODL: 3.6
BTCW: 0
GBTC: 0
DEF: 0

For full data and disclaimers, visit: https://t.co/4ISlrCgZdk

— Farside Investors (@FarsideUK) July 16, 2024

Fidelity’s FBTC and Bitwise’s BITB saw net inflows of $36.15 million and $15.24 million, respectively, bringing their total inflows to $9.75 billion and $2.14 billion. Other Bitcoin ETFs, including those from VanEck, Invesco and Galaxy Digital, and Franklin Templeton, also reported net inflows on Monday.

In comparison, Grayscale’s GBTC, along with ETFs from Valkyrie, WisdomTree, and Hashdex, recorded no inflows on the same day. GBTC has seen a total outflow of $18.63 billion since its inception.

Overall, $2.26 billion worth of transactions were made in U.S. spot bitcoin funds on Monday, a trading volume that remains low compared to March, when volumes exceeded $8 billion on multiple days. Since their launch in January, the ETFs have accumulated net inflows totaling $16.11 billion.

Bitcoin’s surge in price has it trading at $64,874 at press time. BlackRock co-founder and CEO Larry Fink said in a CNBC interview that Bitcoin has become a “legitimate financial instrument” and admitted that his previous skepticism about the cryptocurrency was misplaced.

Meanwhile, the market awaits the SEC’s approval of spot Ether ETFs, with many expecting a decision within the week. If not this week, a launch is expected in July.

Meanwhile, the market is closely monitoring the SEC’s approval of spot Ether ETFs, with many expecting a decision before the end of July.

Analysts including Fineqia’s Matteo Greco suggest that strong inflows are expected for ETH Spot ETFs, which are adjusted for the market cap difference between BTC and ETH. Analyzing the proportional net inflows into BTC will be crucial to estimating investors’ appetite for digital assets beyond BTC, Greco noted.

“Despite different market conditions, ETH Spot ETFs could also see outflows from the Grayscale Ethereum Trust, similar to what happened with GBTC,” Greco said.