BITCOIN
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On July 1, Bitcoin spot exchange-traded funds (ETFs) in the United States witnessed a substantial influx of capital, amounting to $129.45 million. This event marked the fifth successive day of net gains for these financial instruments.
These ETFs received the green light for operation in the U.S. starting from January 10, with trading commencing the following day. In the initial months, leading ETF providers experienced significant inflows and trading volumes. Notably, the Grayscale Bitcoin Trust (GBTC), after its transformation into an ETF, has not recorded any new inflows or has mainly noted outflows.
On July 1, the recorded inflows not only continued a positive streak but also represented the highest amount since June 7. Concurrently, the price of Bitcoin (BTC) surpassed the $63,000 mark, breaking through a resistance level that had posed challenges for nearly three weeks.
According to data from SoSo Value, a cryptocurrency research platform, Fidelity’s Wise Origin Bitcoin Fund led with an inflow of 1,030 BTC valued at $65 million. Following closely was the Bitwise Bitcoin ETF, which saw an addition of 650 BTC, worth approximately $41 million.
The ARK 21Shares Bitcoin ETF registered inflows totaling 205 BTC, equating to $13 million. Meanwhile, the two largest spot Bitcoin ETFs by net asset value—BlackRock’s iShares Bitcoin Trust and GBTC—experienced no significant movements on Monday, June 1.
The month of June displayed a bearish trend for both Bitcoin ETFs and the BTC price itself. The spot Bitcoin ETFs noted nine days of outflows against ten days of inflows, with the outflows substantially overshadowing the inflows in value.
This trend shifted at the beginning of July, aligning with a spike in BTC’s price on Monday, which reached a new weekly peak of $63,778. Despite a slight dip below $63,000 on June 2, with the trading price recorded at $62,558, Bitcoin has managed to recuperate from its weekly low, which had dipped below $60,000. However, it still remains over 15% below its March peak of $73,750.
With historical trends suggesting a bullish outlook for July and anticipated approvals for spot Ether ETFs soon, the cryptocurrency market might be on the verge of another upward rally in the upcoming weeks.
