US Spot Bitcoin ETFs Show Significant Recovery After July 4th Celebration, Record $437.9M in Net Inflows

US spot Bitcoin ETFs, the catalyst for the recent cryptocurrency market bull run, have shown significant recovery from past Friday to yesterday's trading.

After the launch of the first US spot Bitcoin ETFs in February, these financial instruments have sparked a bull run in the cryptocurrency market. From July 4th to 5th, the issuers of these ETFs already recorded a net flow of $437.9 million from the investors’ buying spree.

To break down the numbers, the US spot Bitcoin ETFs experienced a total net inflow of $143.1 million on Friday. The figures were then amplified on Monday with $294.8 million in overall net inflows.

Based on Farside Investor’s data, Fidelity Wise Origin Bitcoin Fund (FBTC) and Blackrock’s iShares Bitcoin Trust (IBIT) were among the major contributors to the inflows. The former logged a net inflow of $117.4 million on Friday, while the latter gained $187.2 million in net inflows on Monday.

Meanwhile, Grayscale Bitcoin Trust (BTC), which dumped most of its shares in its bid for a spot ETF conversion, began with a negative net flow of $28.6 million on July 5 but eventually recovered with $25.1 million at the start of this week.

Biggest Gainer and Loser

Blackrock’s IBIT remains the biggest gainer since its approval by the US Securities and Exchange Commission (SEC). The giant investment manager helmed by CEO Larry Fink has a total net inflow of $17.926 billion from its launch on January 11 to the present.

Blackrock also held the record for having the most net inflows within a single day at a whopping $849 million, which it achieved on March 12 this year. Its worst performance came with a negative flow of $36.9 million on May 1. These resulted in the company’s daily average of $146.9 million.

Fidelity’s IBTC comes second with $9.422 billion in net inflows. Grayscale, on the other hand, had its inflows countered by $18.578 billion outflows within this period.

Grayscale’s worst performance was on March 18 when its shares recorded a negative flow of $642.5 million. The crypto asset manager’s highest was on May 3 when it finally broke its losing streak with $63 million in net inflows. However, its daily average flow sits at a negative $152.3 million.

Bitcoin Today

As of 8:30 AM UTC on Tuesday, Bitcoin continues its struggle to regain the $60K mark at $57.7K due to the selling pressure recently caused by Mt. Gox’s repayments to its creditors and the German government’s continuous whale transfers.

It should be noted that the wallet traced to the German government once again moved a total of 3,100 BTC valued at $177.54 to two associated anonymous addresses and Kraken crypto exchange this morning.

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