Spot Bitcoin ETFs See $1.02B Weekly Inflows

United States spot Bitcoin exchange-traded funds (ETFs) saw an inflow of $1.02 billion throughout last week’s business days. Although bitcoin’s price stayed above $103,000 during the week, it took a nosedive below the $100,000 price mark over the weekend. This price dip is heavily tied to the ongoing Iran-Israel conflict.

Bitcoin ETFs Welcome $1.02B

According to on-chain data from SoSoValue, the Bitcoin-focused ETFs saw the most inflow on June 16th. It welcomed $412.2 million on that day. Notably, BlackRock’s IBIT led the day’s metric with a $266.6 million influx. Fidelity’s FBTC followed with an $83 million increase. Others that inked inflows were Bitwise’s BITB ($41.4 million), Ark Invest’s ARKB ($3.6 million), Grayscale’s GBTC ($12.8 million), and Grayscale’s BTC ($4.8 million). The remaining ETF issuers saw zero inflow last Monday.

On June 17th, BlackRock’s IBIT saw the only inflow, totaling $639.2 million. Fidelity, Bitwise, and Ark Invest saw an outflow of $422.7 million. The rest of the U.S.-focused Bitcoin ETFs experienced no inflow for that day. The next day, $389.57 million flowed into the bitcoin-backed funds, making it eight consecutive days of steady influx.

It is worth noting that there was no trading activity on June 19th due to the Juneteenth (also called the Freedom Day) public holiday in the U.S.

On June 20th, the U.S. spot Bitcoin ETFs saw the lowest weekly inflow of $6.37 million.

BTC Trades Above $101,000

For most of last week, the BTC price was around $103,000. However, the price dipped to about $98,400 within the past 24 hours.

The Iran-Israel conflict has heavily influenced the price drop. Over the weekend, the U.S. government echoed its support for Israel by bombing three Iranian nuclear facilities. The Iranian government responded hours ago, vowing to retaliate against the U.S.

Despite BTC’s price drop, crypto experts like BitMEX’s co-founder, Arthur Hayes, believe that the asset will eventually soar. As of this writing, BTC has reclaimed a trading price of $101,800.

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