CoinDesk Report:
On July 1st, the US Bitcoin spot ETF garnered an astounding $130 million in profits. This marks a significant shift! It represents the largest influx of funds we’ve seen in weeks, potentially signaling a change in investor sentiment.
The surge signifies the largest inflow in weeks, possibly indicating a shift in investor sentiment.
Also Read: Bitcoin (BTC): Analysts Predict a “Bull Market” in July Following a 7% Drop in June
Crypto ETF Earns $130 Million: What’s Driving This Investment Wave?
Current Trends in ETF Inflows
Source: CoinGecko
Let’s analyze these remarkable ETF inflows to better understand the magnitude of this shift. Fidelity’s FBTC led with a staggering $65 million inflow.
Meanwhile, Bitwise’s BITB was close behind at an impressive $41 million. Additionally, ARKB from Ark Investment and 21Shares saw a net inflow of $13 million.
And if you’re wondering “What about the other players?”, you’re not alone. Other firms like Invesco, Galaxy Digital, and VanEck also recorded inflows of approximately $5 million each.
What’s even more surprising is that BlackRock’s IBIT and Grayscale’s GBTC saw zero flows that day. These are also the two largest Bitcoin spot ETFs by assets under management. Intriguing, isn’t it?
Also Read: Ethereum ETFs Expected to Capture 20% of Bitcoin ETF Flows
Investment Trends in the Cryptocurrency Market
Certainly, the aforementioned ETF inflows correlate closely with broader investment trends. Furthermore, despite Bitcoin’s price dropping by 0.3% on the first day to $63,094, it’s crucial to consider the bigger picture.
Unfortunately, Bitcoin has experienced a roller-coaster journey, rebounding from lows below $60,000 just a week ago. Its value, however, still lags behind its peak of $71,000 in June.
Additionally, investment trends are influenced by seasonal patterns. Historically, both Bitcoin and Ethereum tend to perform better in July.
Also Read: Bernstein Predicts Bitcoin to Reach $200,000 by 2025
It’s widely recognized that the $130 million surge in ETF inflows marks a significant shift in cryptocurrency trends. Examining the trades conducted, we can confidently attribute this three-week high to a surge in investor confidence.
