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Spot Bitcoin exchange-traded funds (ETFs) based in the United States saw substantial daily inflows of $129.45 million on July 1, marking the fifth consecutive day of positive flows.
These ETFs, approved on January 10 and commencing trading a day later, initially attracted significant interest from major issuers during the early months. Notably, the Grayscale Bitcoin Trust (GBTC), now converted into an ETF, experienced zero inflows and significant outflows.
July 1’s inflows of $129.45 million represent the highest figure since June 7. As these inflows turned positive, the price of BTC surged past $63,000, breaking a nearly three-week struggle to surpass the crucial resistance level of $62,000.
Data sourced from the crypto research platform SoSo Value indicates that Fidelity’s Wise Origin Bitcoin Fund led with the highest inflow, amounting to 1,030 BTC valued at $65 million. Bitwise Bitcoin ETF followed closely with 650 BTC worth $41 million. Meanwhile, the ARK 21Shares Bitcoin ETF recorded inflows of 205 BTC worth $13 million, while BlackRock’s iShares Bitcoin Trust and GBTC saw no new flows on June 1, despite being the two largest spot Bitcoin ETFs by net asset value.
On July 1, spot BTC ETFs registered their fifth consecutive day of net inflows following nearly seven days of outflows in the last week of June.
Historically, July has been a bullish month for BTC, contrasting with the bearish performance seen in Bitcoin ETFs and BTC prices during June. Throughout the month, spot Bitcoin ETFs reported nine days of outflows and ten days of inflows, although the outflow amounts outweighed the inflows significantly.
The recent bullish rally in spot BTC ETFs coincided with a surge in BTC prices on Monday, reaching a new weekly high of $63,778. However, BTC briefly dipped below $63,000 early on June 2, trading at $62,558 at the time of writing. Despite recovering from a weekly low below $60,000, BTC remains down more than 15% from its all-time high of $73,750 in March.
July traditionally proves bullish for Bitcoin, and with the potential approval of spot Ether (ETH) ETFs on the horizon, the crypto market may witness another bullish surge in the weeks ahead.
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