- Bitcoin exchange-traded funds (ETFs) in the United States reported significant net inflows of $129.45 million on Monday, marking a consecutive five-day positive trend.
- This inflow is the largest since early June, underlining ongoing investor confidence in cryptocurrency-backed financial instruments.
- Fidelity’s FBTC led the pack with $65 million in inflows, followed by Bitwise’s BITB with $41 million. ARKB, managed by Ark Invest and 21Shares, recorded $13 million.
U.S. Bitcoin ETS See Largest Net Inflows This Month, Boosting Market Confidence.
Bitcoin (BTC) Starts July with Strong Inflows
The two largest spot BTC ETFs by net asset value, BlackRock’s IBIT and Grayscale’s GBTC, saw zero net flows on Monday, which is noteworthy given the overall upward trend.
Significant Trading Activity in Bitcoin ETFs
On Monday, 11 Bitcoin funds recorded a trading volume of approximately $1.36 billion. Since their inception in January, these ETFs have accumulated a total net inflow of $14.65 billion, indicative of strong investor interest.
Market Reactions and Bitcoin Price Movements
According to CoinMarketCap data, Bitcoin’s price fell by 0.3% over the last 24 hours, settling at $63,094. While BTC has recovered from its short dip below $60,000 last week, it remains below its early June levels, which were above $71,000.
Analyst Predictions for July
Analysts from QCP Capital expect both BTC and ETH to perform better in July, citing historical positive cycles. Similarly, analysts from Coinbase are also pointing to a potential price increase this month, bolstering investor optimism.
Conclusion
The recent influx into Bitcoin ETFs demonstrates ongoing confidence from investors, despite the volatile price movements of BTC. This trend suggests a positive outlook for the cryptocurrency market in the coming months. However, potential investors are advised to conduct thorough research before making any financial decisions.
