The US spot Bitcoin ETFs saw a significant daily net inflow of $301 million on July 15th, marking a seventh consecutive day of gains amid a broader market recovery. Notably, none of the ETFs experienced outflows on that day, signaling a strong investor sentiment towards Bitcoin.
Among the ETFs, BlackRock’s IBIT emerged as the top spot Bitcoin ETF by net asset value, attracting the largest net inflows of $117.25 million. Ark Invest and 21Shares’ ARKB closely followed with net inflows of $117.19 million. In terms of trading volume, IBIT was the most actively traded Bitcoin ETF on Monday, reaching a volume of $1.24 billion.
Other notable Bitcoin ETFs, such as Fidelity’s FBTC, Bitwise’s BITB, VanEck’s HODL, Invesco and Galaxy Digital’s BTCO, and Franklin Templeton’s EZBC, also recorded net inflows on that day. However, ETFs like Grayscale’s GBTC and others did not see any flows. Overall, a total of $2.26 billion was traded on Monday, although this was lower than the trading volume observed in March.
The recent decline in Bitcoin’s price was attributed to concerns over significant selling pressure from Mt. Gox and the German government’s BTC sales. However, the attempted assassination of a pro-crypto former US President at a rally seemed to trigger a recovery in the price of the digital asset. As a result, experts are optimistic about the future trajectory of Bitcoin’s price.
Bitcoin experienced a surge of over 9% in the past week, currently trading just below $64,000. Veteran trader Peter Brandt discussed a potential major rally in Bitcoin’s price, citing a pattern he termed as “Hump->Slump->Bump->Dump->Pump.” While he predicts a continued upward trend, he cautioned that a close below $56,000 would invalidate this bullish view.
The sustained inflows and trading activity in US spot Bitcoin ETFs, coupled with the influence of recent events on Bitcoin’s price, point towards a positive outlook for the cryptocurrency. Investors and experts alike are closely monitoring the market dynamics and price movements, anticipating further growth and developments in the coming days.
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