Key Points
- Bitcoin (BTC) exchange-traded funds (ETFs) experienced a significant surge with inflows exceeding $310 million on July 12.
- Since the beginning of the year, spot Bitcoin ETFs have garnered nearly $16 billion in net inflows.
On July 12, exchange-traded funds (ETFs) for Bitcoin (BTC) saw a substantial increase, with inflows exceeding $310 million. This is the highest level since June 5.
Leading contributors
BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) were the primary contributors. They brought in $120.03 million and $115.14 million respectively, according to information from SoSoValue. The Bitwise Bitcoin ETF (BITB) followed with $28.42 million, and the Grayscale Bitcoin Trust (GBTC) saw a rare inflow of $23.01 million.
The VanEck Bitcoin Trust ETF (HODL) and Invesco Galaxy Bitcoin ETF (BTCO) also recorded inflows of $6.56 million and $4.03 million respectively. However, ETFs from Hashdex, Franklin Templeton, Valkyrie, and WisdomTree reported no inflows on the same day.
Record-breaking inflows
The inflows on July 12 were the largest since June 5, when spot Bitcoin ETFs gathered slightly over $488 million. Interestingly, there was no outflow recorded on that day. ETF market observer HODL15Capital reported that U.S.-based spot Bitcoin ETFs now hold an all-time high of 888,607 coins.
According to data from Farside Investors, the recent activity brings the total inflows since the start of the week to $1.04 billion. Since their inception at the start of the year, spot Bitcoin ETFs have amassed nearly $16 billion in net inflows.
This total includes more than $18.6 billion that has flowed out of GBTC since it transitioned into a spot ETF six months ago. Despite the outflows, the Grayscale Bitcoin product remains the second-largest ETF by net assets, holding about $15.73 billion worth of Bitcoins.
News of the record-breaking spot Bitcoin ETF inflows seems to have positively influenced the price of the cryptocurrency. At the time of writing, it was trading at $58,543, 2.4% higher than its level from 24 hours ago.
However, this price increase occurred against a backdrop of lower trading volumes. Approximately $21.76 billion worth of Bitcoin was traded in the last 24 hours, a 23.29% decrease from the previous day.
