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Spot Bitcoin ETFs Pulling off Unexpected Inflow Streak

Tue, 2/07/2024 – 10:28

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Wall Street investors are beginning to warm up to spot Bitcoin ETF products once again as the product is seeing a five-day net inflow streak. According to data from SoSoValue, the spot Bitcoin ETF product recorded $129.5 million in net inflow as of July 1.

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Major shift coming for Bitcoin through ETFs

The Bitcoin ETF market is undoubtedly one of the most dynamic in the broader financial ecosystem. Overall, the market has welcomed unexpected milestones that have pitched it as a better alternative to mainstream, traditional finance funds.

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Per SoSoValue, the total value traded comes in at $1.36 billion. Fidelity Investments’ FBTC led the inflow with a total of $65 million raked in. Following closely is Bitwise’s BITB, which raked in $41 million in net inflow. 

Other ETF products with inflows include Ark 21Shares’ ARKB, with minor inflows coming from Invesco Galaxy, Franklin Templeton and VanEck. With this latest round of capital injection, the duo of BlackRock and Grayscale Investments missed out as neither recorded any flow.

Based on its historical records, inflows are a bullish trend, and as of the July 1 data, more than 2,061 Bitcoin have been acquired or temporarily taken out of circulation. This is a major boost for price growth, which might change the direction of BTC for the rest of July.

Can Bitcoin retest $70,000

Since Bitcoin recorded an all-time high (ATH) above the $73,000 mark, it has struggled to retest this level. The erratic flow in and out of spot Bitcoin ETFs might have contributed to this stalemate, a trend that is on track to change considerably.

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At the time of writing, the price of Bitcoin is pegged at $62,496.83, up 2.23% in 24 hours. Despite this uptick, there is significant volatility that suggests the $62,000 support is not completely formed yet.

Market leaders are optimistic about a rally soon, and the ongoing inflow streak into its ETF might push it to $70,000 this month.

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