Bitcoin (BTC) Enthusiasts Cling to a Glimmer of Hope for a Price Rally Following a Spike in the Daily Inflows for Spot Bitcoin Exchange-Traded Funds (ETFs)
- PHPzOriginal
- 2024-07-18 01:56:30441browse
The asset recorded over $310 million worth of inflows at the tail end of last week, making it the most productive day for Bitcoin ETFs since early June.
Bitcoin (BTC) price enthusiasts are clinging to a glimmer of hope for a price rally following a spike in the daily inflows for spot Bitcoin exchange-traded funds (ETFs) on Thursday.
The asset recorded over $310 million worth of inflows at the tail end of last week, making it the most productive day for Bitcoin ETFs since early June. According to available data, the bulk of the inflows came from BlackRock’s iShares Bitcoin Trust, which pulled in $120 million from retail and institutional investors alike.
Fidelity Wise Origin Bitcoin Fund contributed an impressive $115 million to the daily haul, while Bitwise’s ETF pulled in a respectable $28 million. Per the data, the Grayscale Bitcoin Trust came alive with a $23 million inflow, while the Bitcoin ETFs from VanEck and Invesco recorded a combined $10 million in inflows.
However, a number of spot Bitcoin ETFs failed to record a single dollar on the day marking a five-week high for investment products. Offerings from WisdomTree, Franklin Templeton, the Hashdex, and Valkyrie recorded zero inflows, prompting speculation that the resurgence could be short-lived.
On June 5, Bitcoin ETFs recorded nearly $500 million in inflows but had failed to recapture the highs for nearly five weeks.
While the ETFs have pulled in less-than-impressive numbers, funds began trickling in again from July 8, with the ETFs cumulatively recording just over $1 billion in five days.
Since the launch of the products in January, spot Bitcoin ETFs have recorded $15.8 billion in net inflows, barring jarring outflows that rocked the ecosystem. Investors are bracing themselves for even larger inflows when large-scale funds approve spot ETFs for their institutional investors.
“The ETPs are not even approved yet for mainstream use by the largest wealth management platforms, including Morgan Stanley and Wells Fargo,” said Bitwise CIO Matt Hougan. “When that happens—later this year, I suspect—we’re likely to see billions more flow in.”
The three-week high came amid falling asset prices as BTC traded below the 60K mark as sentiments turned to fear over the grim prospects of an extended bear market. In the hours following the spike in ETF inflows, BTC reclaimed $60K for the first time in a week, sparking whispers of a push to $100K before the end of 2024.
Several spot Bitcoin ETF issuers are bracing to issue spot Ether ETF products with their sights on mid-July, but the offerings lie in the balance with the US Securities and Exchange Commission (SEC) opting for a cautious approach.
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