Spot Bitcoin ETF Sees $602 Million Net Inflow in a Single Day

In the dynamic Space of digital assets, Bitcoin, the flagship cryptocurrency, continues to demonstrate remarkable resilience, particularly in the form of spot Bitcoin Exchange-Traded Funds (ETFs), which saw a net inflow of $601.94 million on July 3rd.

Notably, recent data revealed that long-term Bitcoin holders are currently sitting on profits worth about $1.2 trillion, as Bitcoin’s price has recently surpassed $109,000, indicating a resurgence and strong momentum.

Spot Bitcoin ETF Sees Major Net Inflow

Data from Sosovalue shows that Fidelity’s Bitcoin ETF, FBTC, led the way with $237 million in new inflows. Moreover, BlackRock’s iShares Bitcoin Trust (IBIT) recorded an inflow of $224.53 million, solidifying its position as the largest ETF in terms of market capitalization, with a value of $76.74 billion.

Notably, only Grayscale’s ETHE experienced a small outflow of $5.35 million. This represents a change from the past, when ETFs like FBTC and ETHE experienced continual outflows, despite a steady 17-day streak of inflows.

Moreover, the significant inflows indicate that large investors are more committed after watching from the sidelines. Online discussions about the market are split, with some people taking a cautious “wait and see” approach and others feeling a strong urge not to miss out (FOMO), especially as Bitcoin faces resistance near $110,000. Ethereum is seeing a similar price pattern.

The day before, July 2nd, also saw significant interest in Bitcoin ETFs, with $407.78 million flowing in. This was the sixteenth consecutive day that U.S. spot Bitcoin ETFs had positive inflows, indicating that more people are seeking regulated ways to invest in Bitcoin.

SoSoValue’s data confirms this steady trend, indicating that these investment products are becoming increasingly accessible and more popular. The total amount of money that has flowed into all Bitcoin ETFs combined is now $49.04 billion, with Bitcoin’s total trading volume reaching $5.22 billion.

Institutions Positive Signals

BlackRock’s iShares Bitcoin Trust (IBIT) remained the largest ETF in terms of value, worth $76.74 billion. It didn’t have new inflows on July 2nd. Fidelity’s FBTC had the most significant inflow that day, bringing in $183.96 million and raising its total inflows to $11.97 billion.

GBTC also had smaller inflows of $65.90 million, $4.48 million, and $3.17 million, adding to the positive trend. All Bitcoin ETFs collectively hold $136.68 billion, which represents a significant 6.3% of Bitcoin’s total market value.

The overall cryptocurrency market also showed positive signs. Bitcoin was trading at $109,005, down by 0.3% for the day. Moreover, experts believe that this widespread positive performance and the steady influx of money into ETFs are due to a combination of factors, including increased confidence from large investors and favorable economic conditions.

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