US Spot Bitcoin ETFs See Largest Net Inflows in Three Weeks

• US Bitcoin ETFs saw $129.45M in net inflows on Monday, led by Fidelity’s FBTC and Bitwise’s BITB.
• Total trading volume for 11 Bitcoin ETFs reached $1.36B, with a year-to-date net inflow of $14.65B.
• Despite a minor price drop, seasonal trends suggest a positive outlook for Bitcoin in July.

On Monday, US spot Bitcoin exchange-traded funds (ETFs) reported a significant net inflow of $129.45 million. This marks the largest daily net inflow since June 7 and continues a five-day streak of positive inflows. Fidelity’s FBTC led the charge, recording $65 million in net inflows, followed by Bitwise’s BITB with $41 million, according to data from SosoValue.

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Other ETFs, including those from Ark Invest and 21Shares’ ARKB, reported net inflows of $13 million. Funds from Invesco and Galaxy Digital, VanEck, and Franklin Templeton saw minor inflows, each around or under $5 million. However, BlackRock’s IBIT and Grayscale’s GBTC, the two largest spot bitcoin ETFs by net asset value, experienced no inflows on Monday.

Total Trading Volume and Inception Growth

The 11 Bitcoin ETFs notched up a total trading volume of about $1.36 billion on Monday. These ETFs, founded in January, have received a total net inflow of $14.65 billion so far. Such consistent inflows of funds indicate growing investor interest in Bitcoin ETFs as reliable investment vehicles. 

With the positive inflows, Bitcoin’s price was slightly lower by 0.2% in the last 24 hours, at $62,547.61 when quoted at press time. Bitcoin has since recovered from a brief dip below $60,000 last week but still struggles to move higher beyond its price above $71,000 in early June.

Seasonal Trends and Market Sentiment

Analysts at QCP Capital noted that both bitcoin and ether typically perform better in July due to historical positive seasonality. Coinbase analysts also observed this seasonal trend, suggesting potential optimism for the market in the coming weeks.

The steady rise in net inflows, complemented by positive seasonal trends, points to a potential optimistic market outlook for Bitcoin and other cryptocurrencies. Net inflows into US spot bitcoin ETFs shot up very recently, which was a confirmation of increasing investor confidence and the adoption of new investments like cryptocurrency. 

With contributions from Fidelity’s FBTC and Bitwise’s BITB, the trend of positive inflows is expected to continue, reflecting a robust market sentiment despite recent price fluctuations.

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