Bitcoin (BTC) ETFs Record $129.45M Inflows on July 1, Highest Since June 7
- WBOYOriginal
- 2024-07-15 10:50:22988browse
After a grueling few weeks of BTC ETFs experiencing declining inflows and massive outflows, they attracted $129.45 million on July 1.
After several weeks of BTC ETFs experiencing massive outflows and declining inflows, they attracted $129.45 million on July 1. This comes after these ETFs clocked up over $1 billion in outflows in a single week in June. And that happened twice.
But unlike those spells, BTC ETFs observed a five-day consecutive spell of net inflows, with July 1 taking it into the hundreds of millions, marking the highest inflows since June 7. At the same time, bitcoin prices rallied to over $63,000, which it struggled to do at the end of June.
Fidelity’s ETF was responsible for the largest chunk of inflows, with bitcoin worth $65 million flowing into it, followed by Bitwise’s ETF with 650 bitcoins worth $41 million. ARK 21Shares’ ETF saw inflows of 205 bitcoins worth $13 million. ETFs by BlackRock and Grayscale saw no net inflows.
July is a historically great month for Bitcoin as its price is linked to rises averaging over 7%. This will help the largest cryptocurrency even out the losses it observed in June.
It saw massive sales, amounting to billions getting liquidated, uncertainty due to events like Mt. Gox returning 140,000 bitcoins to creditors, and macroeconomic factors.
But despite the selling pressure and the other factors causing FUD, July can change Bitcoin’s trajectory. This month’s seasonal cycles may boost the asset’s price.
Seasonality may seem random, but it can be a foolproof way to predict what happens in the market unless a black swan event occurs. For example, profit-taking is observed largely during tax season in April and May, causing asset prices to dip for the following weeks. July often sees a reversal as the market bounces back.
Moreover, possible ETH ETF launches this month can further push crypto into bullish territory. Issuers were asked to make final changes to their applications, which does not take much time, as per analysts.
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