Spot Bitcoin ETFs experienced robust inflows of $129.45 million on Monday, marking the largest intake in nearly a month.
Ruholamin Haqshanas
Last updated:
July 2, 2024, 03:41 EDT
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2 min read
Spot Bitcoin exchange-traded funds (ETFs) recorded $129.45 million in daily net inflows on Monday, continuing a positive trend for the fifth consecutive day. This surge represents the highest level of fund accumulation since June 7, according to data sourced from SosoValue.
Leading the inflows on Monday was Fidelity’s FBTC, which attracted $65 million in investments. Bitwise’s BITB followed closely with $41 million in net inflows, while Ark Invest and 21Shares’ ARKB reported $13 million each.
Invesco, Galaxy Digital, VanEck, and Franklin Templeton also observed minor inflows, ranging from around $5 million to just below $5 million. However, BlackRock’s IBIT and Grayscale’s GBTC, the two largest spot Bitcoin ETFs by net asset value, did not record any flows on Monday.
These 11 Bitcoin funds collectively generated approximately $1.36 billion in trading volume on Monday. Since their launch in January, these ETFs have attracted a total net inflow of $14.65 billion.
Digital Asset Investment Products Witness Outflows Last Week
Conversely, digital asset investment products as a whole saw outflows for the third consecutive week, amounting to $30 million. Nonetheless, the pace of outflows notably decreased compared to prior weeks, as per CoinShares.
While most providers experienced minor inflows, Grayscale reported outflows of $153 million. Trading volumes for digital asset investment products increased by 43% week-on-week to $6.2 billion, although they remain below this year’s average weekly volume of $14.2 billion.
Geographically, the United States, Brazil, and Australia all saw inflows of $43 million, $7.6 million, and $3 million, respectively. In contrast, Germany, Hong Kong, Canada, and Switzerland recorded outflows totaling $29 million, $23 million, $14 million, and $13 million, respectively.
Interestingly, Ethereum witnessed its largest outflows since August 2022, totaling $61 million over the past week. This brings the total outflows for the last two weeks to $119 million, making Ethereum the worst-performing asset in terms of net flows year-to-date.
Meanwhile, multi-asset and Bitcoin exchange-traded products (ETPs) saw inflows of $18 million and $10 million, respectively. Short-Bitcoin ETPs also saw outflows of $4.2 million, indicating a potential shift in sentiment. Additionally, several altcoins, including Solana and Litecoin, saw notable inflows.
Analysts Optimistic About Bitcoin in July
Analysts from QCP Capital are optimistic about Bitcoin and Ether’s performance in July, citing historical trends of positive seasonality.
“Looking at seasonality, BTC has historically returned a median of 9.6% in July and tends to rebound strongly following a negative June (-9.85%),” they noted in a recent post on Telegram.
QCP Capital also proposed a potential trading strategy involving a BTC Accumulator expiring on 20SEP24, lasting for 12 weeks. This strategy entails purchasing BTC below the $60,000 mark, leveraging the false break of that level, and benefiting from anticipated bullish momentum in the upcoming month. The trade’s strike price is set at $59,000, with a cap at $71,000 if BTC exceeds that threshold.
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