Bitcoin (BTC) Exchange-Traded Funds (ETFs) Cross $16B in Yearly Netflows for the First Time
- WBOYOriginal
- 2024-07-17 19:29:02380browse
The spot Bitcoin (BTC) exchange-traded funds (ETFs) crossed $16 billion in yearly netflows for the first time, as reported by Bloomberg ETF analyst
Bitcoin (BTC) spot exchange-traded funds (ETFs) have crossed $16 billion in yearly netflows for the first time, according to Bloomberg ETF analyst Eric Balchunas.
“Two steps forward, one step back in Bitcoin ETFs after June's underperformance with another +$300m yesterday and $1b for week,” said the ETF analyst in a tweet on Monday.
“YTD net total (the most imp number in all this) has crossed +$16b for first time. Our est for first 12mo was $12-15b so already cleared that w 6mo to go.”
As Balchunas pointed out previously, he and fellow ETF analyst James Seyffart had estimated that the Bitcoin spot ETFs would hit $12 billion to $15 billion in netflows within a year.
However, as the ETF analyst noted in his latest tweet, this goal has already been achieved in six months.
According to data shared by X user Lookonchain, nine Bitcoin ETFs added 5,383 BTC to their coffers on Monday — an amount that also exceeds $340 million.
“9 $BTC ETFs added 5,383 $BTC to their holdings yesterday, which is over $340m,” stated the X user in a tweet on Tuesday.
“BlackRock (iShares) led the pack again, adding 1,844 BTC. They now hold 318,120 BTC. Only the Valkyrie Bitcoin Fund (BTFV) didn't add any BTC yesterday.”
Meanwhile, Bitcoin ETFs saw the fifth-largest weekly inflows last week, which amounted to $1.35 billion, according to asset management firm CoinShares.
“Bitcoin saw the fifth-largest inflows this week at $1.35b, paired with net outflows for funds indexed to short BTC positions, signaling an overall positive sentiment from investors,” stated CoinShares in its latest Digital Asset Fund Flows Report on Friday.
“In June, Ether and Solana showed the most significant momentum in the crypto markets, attracting between $1 billion to $3 billion in net inflows due to growing ETF interest.”
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