Bitcoin ETFs See Inflows Again as BTC Stabilizes at $60K
Ruholamin Haqshanas
Updated: June 27, 2024, 03:30 EDT | 2 min read
Bitcoin exchange-traded funds (ETFs) in the United States have witnessed consecutive days of positive net inflows.
On Wednesday, these ETFs reported $21.52 million in net inflows, extending the streak that began on Tuesday.
According to data from SoSoValue, Fidelity’s FBTC led the day with net inflows of $19 million.
Grayscale’s GBTC also saw positive inflows, totaling $4 million, marking its first since June 5. VanEck recorded $3 million in inflows on Wednesday.
However, not all funds saw positive flows. Ark Invest and 21Shares’ ARKB recorded net outflows totaling $5 million. Other funds such as BlackRock, Bitwise, and Valkyrie reported no net flows during this period.
Since their launch in January, Bitcoin ETFs have attracted a cumulative total of $14.44 billion in net inflows, underscoring their increasing popularity as investment vehicles.
Meanwhile, Bitcoin has maintained its position above the $60,000 mark after dipping to $59,021.42 earlier in the week, the lowest since May 3.
As of now, BTC is trading at $60,633, down by 1.5% over the past day and nearly 11% lower over the past week.
Last week, CryptoQuant warned of Bitcoin potentially sliding back to the $60,000 level after breaking below the key support of $65,800.
On-chain data indicates that traders have been reducing their holdings since Bitcoin hit $70,000 in late May, with no signs of renewed buying.
For the month, Bitcoin has declined by nearly 10%, briefly touching $71,000 in early June before beginning a gradual descent.
Since mid-March, Bitcoin has mostly traded within the range of $60,000 to $70,000 following its peak of $73,797.68.
Digital Asset Products Witness $584M in Outflows This Week
CoinShares reported that digital asset investment products experienced a second consecutive week of outflows, totaling $584 million.
Investor concerns over potential Federal Reserve interest rate cuts are thought to have contributed to this trend.
Last week also saw the lowest global trading volumes on ETPs since the U.S. ETF launch in January, amounting to just $6.9 billion traded throughout the week.
Meanwhile, U.S. issuers are actively preparing for the launch of spot ether ETFs following tentative SEC approval last month.
According to Reuters, spot Ethereum ETFs could receive SEC approval by July 4 pending final discussions between investment firms and regulators.
At a Bloomberg conference on June 25, SEC Chair Gary Gensler indicated that approval progress for these ETFs is proceeding smoothly, emphasizing the importance of full disclosure in registration statements by asset managers, a requisite for approval.
