Spot Bitcoin ETFs Saw Largest Inflow in a Month

4 months ago 6
ARTICLE AD BOX

Bitcoin exchange-traded funds (ETFs) in the U.S. saw their largest daily inflow in almost a month on Monday, totalling $129 million. Based on historical price trends, Bitcoin appears poised to start July on a bullish note.

NEW: 🇺🇸 #Bitcoin ETFs saw $130 million in inflows yesterday, the largest in 3 weeks.

We are so back 🚀 pic.twitter.com/ahvdm0hoS2

— Bitcoin Magazine (@BitcoinMagazine) July 2, 2024

This marked the fifth straight day of positive flows and the highest daily amount since June 7th.

Much of Monday's inflow went to Fidelity's Wise Origin Bitcoin Trust, which saw $65 million enter the fund. Bitwise's Bitcoin ETF took in $41 million, while Ark Invest's fund attracted $13 million. The two largest Bitcoin ETFs, BlackRock's iShares Trust and Grayscale's fund, saw no flows.

The fresh inflows are a welcome sign after a tumultuous June that saw Bitcoin ETFs bleed nearly $1 billion in total outflows. The selling pressure mirrored Bitcoin's price, which dropped below $20,000 briefly in June.

But historically, July has started a bullish period for Bitcoin. Over the last decade, Bitcoin has posted average returns above 11% in July, with positive performance 70% of the time.

Some analysts think seasonality could kick in again this July if spot ETF inflows persist. The theory suggests predictable cycles driven by investors selling around tax season and reentering the market later in the year.

Starting in July, Bitcoin could also face potential selling pressure from unlocked Mt. Gox coins. Its price trajectory depends on whether bullish seasonality can outweigh the bearish macro landscape.

Read Entire Article