The US spot Bitcoin ETFs experienced a significant daily net inflow of $301 million on July 15th, marking their seventh consecutive day of gains amidst a broader market recovery. This surge in inflows was a positive sign for the ETF sector, as none of the ETFs recorded outflows for the day.
According to data compiled by SoSoValue, BlackRock’s IBIT emerged as the top spot Bitcoin ETF by net asset value, garnering the largest net inflows of $117.25 million on that day. IBIT also stood out as the most actively traded Bitcoin ETF, with a trading volume of $1.24 billion. Ark Invest and 21Shares’ ARKB followed closely behind with net inflows of $117.19 million.
Other notable performers included Fidelity’s FBTC with net inflows of $36.15 million, and Bitwise’s BITB with $15.24 million in inflows. Additionally, VanEck’s HODL, Invesco, Galaxy Digital’s BTCO, and Franklin Templeton’s EZBC funds all recorded net inflows. However, Grayscale’s GBTC and several other ETFs such as Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI saw no flows for the day.
A total of $2.26 billion was traded on Monday, although the trading volume for these ETFs was lower compared to the levels seen in March when it exceeded $8 billion on certain days. Despite the fluctuations in trading volume, these funds have collectively attracted $16.11 billion in net inflows since their launch in January.
Earlier in the month, Bitcoin faced a price decline driven by concerns about potential selling pressure from Mt. Gox and the German government’s BTC sales. However, the recent assassination attempt on former US President Donald Trump at a pro-crypto rally seemed to trigger a recovery in the digital asset market. Experts are now optimistic about Bitcoin’s price trajectory moving forward, especially after the currency surged more than 9% over the past week.
Renowned trader Peter Brandt weighed in on Bitcoin’s price outlook, predicting a potential major rally. He referred to a chart pattern he identified as “Hump->Slump->Bump->Dump->Pump” and highlighted the July 5 double top attempt as a bear trap, as confirmed by the July 13 close. Brandt anticipates a continued upward trend, but cautioned that a close below $56,000 could invalidate this bullish view.
Overall, the recent influx of funds into Bitcoin ETFs, coupled with the positive market sentiment and price recovery, point towards a potentially bullish period for Bitcoin and the broader cryptocurrency market.