Bitcoin ETFs See Strong Inflows, Smaller Funds Lag Behind
- WBOYOriginal
- 2024-07-18 17:32:36960browse
YEREVAN (CoinChapter.com) — United States-based spot Bitcoin exchange-traded funds (ETFs) saw significant inflows on July 12.
Major United States-based spot Bitcoin exchange-traded funds (ETFs) saw significant inflows on July 12. These funds attracted over $310 million, marking their best performing day since June 5.
BlackRock’s iShares Bitcoin Trust (NYSE: BITI) led the way with $120 million in inflows, followed by Fidelity’s Wise Origin Bitcoin Fund (NYSE: BITO) with $115.1 million. These two funds alone captured the majority of the day’s inflows.
The Bitwise Bitcoin ETF (NYSE: BITW) came in third with $28.4 million, while Grayscale Bitcoin Trust (NYSE: GBTC) also recorded an inflow of $23 million, a rare occurrence for the fund.
The VanEck Bitcoin Trust ETF (NASDAQ: BTF) and Invesco Galaxy Bitcoin ETF (NASDAQ: GLDI) also saw positive inflows. VanEck recorded $6 million, and Invesco saw $4 million.
In contrast, ETFs from Hashdex, Franklin Templeton, Valkyrie, and WisdomTree did not register any inflows on July 12.
Bitcoin ETFs Capped a Strong Week With $1.04B in Inflows
July 12 capped a strong week for Bitcoin ETFs, which took in $1.04 billion from July 8 to July 12.
Since their launch a little over six months ago, spot Bitcoin ETFs have seen net inflows of $15.8 billion. This includes $18.6 billion in outflows from Grayscale’s flagship Bitcoin product, which became a spot ETF after SEC approval in January. Hashdex’s Bitcoin ETF has net outflows totaling $2 million.
Bitcoin Sees Daily Gains Amid Monthly Decline
At the time of writing, Bitcoin’s price has been volatile. It is trading at $58,362.47, a 2.22% increase over the last 24 hours. However, it is down 13.30% over the past month and significantly below its all-time high.
In addition to Bitcoin ETFs, some issuers are preparing to launch spot Ether ETFs. These new products could debut as early as July 15, pending SEC approval. This launch could diversify the cryptocurrency ETF market further.
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