Spot Bitcoin ETFs see total net inflow soar to over $17b

Total net inflows into spot Bitcoin ETFs between July 15-19, 2024 reached $17.08 billion.

FBTC recorded the largest inflow

Spot Bitcoin (BTC) ETFs saw inflows of $383.6 million on July 19. This was the second-highest level of the month after the record inflow of $422.9 million on July 16.

According to data from SoSoValue, Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) continued to lead the rally, bringing in $141 million and $116.2 million respectively.

Spot Bitcoin ETF flows on July 19 | Source: SoSoValue

Overall, Bitcoin ETFs such as Bitwise Bitcoin ETF (BITB) and VanEck Bitcoin Trust ETF (HODL) have seen smaller but significant inflows, reinforcing the trend of increasing investor interest.

Bitwise’s BITB had the third-highest inflow at $44.6 million, followed closely by VanEck’s HODL, which contributed $41.8 million to the day’s total.

Grayscale’s GBTC defied the onslaught of negative trends, generating $20.3 million in revenue and maintaining its presence in the market with $18.29 billion in net assets.

On the other hand, Coinshares Valkyrie Bitcoin Fund ETF (BRRR) and Invesco’s BTCO managed $7.6 million and $6.4 million respectively.

While ARK’s AKB did not show any movement, Franklin Templeton’s EZBC and WisdomTree’s BTCW closed the day with inflows of $3.9 million and $1.8 million, respectively.

A good week for spot Bitcoin ETFs

Overall, the spot Bitcoin ETF market during the week saw a six-week peak in inflows driven by renewed investor confidence and market optimism. Data from Farside Investors and SoSoValue highlighted the flows, specifically highlighting $422.5 million in inflows through July 16.

Despite mid-week correction fears noted by Crypto.news, the overall sentiment remained positive as ETF inflows fell 87% in the immediate aftermath of the record day.

Interestingly, the surge in spot BTC ETFs has also paralleled Bitcoin’s rising performance, with Bitcoin up 5% in the past 24 hours and 14.4% for the week.

Bitcoin 24-hour price chart | Source: CoinGecko

At the time of writing, Bitcoin was trading at $66,541, giving it a market cap of $1.3 trillion. While the current price is still around 10% off its all-time high, Bitcoin has been seen outperforming the global crypto market, which is up 10.50%, according to information from CoinGecko.