July 22, 2024
Bitcoin ETF Inflows Peak as Bitcoin Price Nears $63K
Bitcoin price today

Bitcoin ETF Inflows Peak as Bitcoin Price Nears $63K

Tuesday, July 2, 2024: Bitcoin Price Today is $62,808. United States-based spot Bitcoin exchange-traded funds (ETFs) saw substantial daily inflows of $129.45 million on July 1, marking the fifth consecutive day of positive flows. Spot Bitcoin ETFs in the U.S. were approved on January 10 and began trading a day later. In the initial months, major ETF issuers experienced significant inflows and trading volumes, except for the Grayscale Bitcoin Trust (GBTC), which has not seen any inflows or substantial outflows since converting to an ETF.

Source: TradingView

Record Inflows and Price Movement

The inflow of $129.45 million on July 1 is the highest since June 7. With inflows turning positive, the Bitcoin price reclaimed $63,000 after nearly three weeks of struggling to overcome the key resistance level of $62,000. Data from the crypto research platform SoSo Value indicates that Fidelity’s Wise Origin Bitcoin Fund recorded the highest inflow, with 1,030 BTC worth $65 million. This was followed by the Bitwise Bitcoin ETF, which saw inflows of 650 BTC worth $41 million. The ARK 21Shares Bitcoin ETF had inflows of 205 BTC worth $13 million, while BlackRock’s iShares Bitcoin Trust and GBTC, the two largest spot Bitcoin ETFs by net asset value, saw zero flows on Monday, June 1.

Spot BTC ETF daily flows. Source: SoSoValue

June’s Bearish Trend and July’s Bullish Potential

July 1 marked the fifth consecutive net inflow for spot Bitcoin ETFs after nearly seven days of outflows in the last week of June. June was a bearish month for Bitcoin ETFs and the price, with spot Bitcoin ETFs recording nine days of outflows and ten days of inflows. The value of outflows was significantly higher than that of inflows throughout June.

The recent bullish rally in spot Bitcoin ETFs coincided with Monday’s Bitcoin price surge, which reached a new weekly high of $63,778. However, Bitcoin dipped below $63,000 again in the early hours of June 2, trading at $62,558 at the time of writing. Although Bitcoin’s price has recovered from its weekly low below $60,000, it remains down over 15% from its all-time high of $73,750 in March. July has historically been a bullish month for Bitcoin, and with spot Ether ETF approvals likely just around the corner, the crypto market could see another bullish rally in the coming weeks.

Image by Eivind Pedersen from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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