The U.S. spot Bitcoin ETF market began July with a significant boost, as net inflows reached a promising $129 million on the trading day ending Monday, July 1, 2024.
According to data released by Farside Investments on Tuesday, July 2, Fidelity Investments’ $FBTC led the charge with a $65 million inflow. Bitwise Bitcoin ETF ($BITB) secured the second-largest inflow at $41.4 million, followed by Ark 21 Shares’ ETF with $12.7 million. VanEck’s $HODL, Invesco Galaxy’s $BTCO, and Franklin Templeton’s $EZBC also saw positive flows of $5.4 million, $3.2 million, and $1.8 million, respectively.
Other ETFs, including the market-leading BlackRock’s $IBIT, reported no net flows for the day, even though it has seen a decline in the amount of assets flowing through its portfolio in recent weeks. This lack of movement extends to Grayscale’s $GBTC, which has seen reduced outflows in recent weeks.
The positive start to July follows a challenging June for U.S. Spot Bitcoin ETFs. Despite being the worst-performing month since its inception in January 2024, June ended on a four-day streak of net inflows from June 25-28, totalling $67.38 million, according to available public data. This upturn broke a seven-day streak of net outflows that had amounted to $1.13 billion. The market recorded only ten days of net positive flows in June.
This resurgence in inflows suggests renewed confidence of U.S. investors in Bitcoin ETFs as the market enters the third quarter of 2024. On the other hand, the country is expected to welcome its first spot, Ether exchange-traded funds (ETFs), as potential issuers’ applications were approved in May 2024. Although a specific launch date has not been announced yet, Securities and Exchange Commission (SEC) Chair Gary Gensler provided an update on the process at a Bloomberg conference on June 25, mentioning that it is progressing smoothly.
Bitcoin is currently trading at around price levels of $62,000, approximately a 0.57% decrease in the last twenty-four hours, according to CoinMarketCap data.
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