Why Did US Bitcoin ETFs See a $310 Million Surge in a Single Day?
On July 12, spot Bitcoin exchange-traded funds (ETFs) in the United States experienced a significant influx of funds, totaling more than $310 million. This surge marked the highest inflow day since June 5, reflecting renewed investor interest in cryptocurrency ETFs.
Leading Performers in Inflows
The influx was predominantly driven by two major players: BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC). IBIT attracted $120 million, while FBTC closely followed with $115.1 million, according to data from Farside Investors.
The Bitwise Bitcoin ETF secured the third position with $28.4 million in inflows. Notably, the Grayscale Bitcoin Trust (GBTC) also saw a rare inflow day, totaling $23 million.
Other Contributors to the Inflow
Additional spot Bitcoin ETFs also contributed to the overall inflow. The VanEck Bitcoin Trust ETF and Invesco Galaxy Bitcoin ETF recorded $6 million and $4 million, respectively.
However, not all ETFs experienced inflows on this particular day. The Hashdex, Franklin Templeton Valkyrie, and WisdomTree-issued spot Bitcoin ETFs did not register any notable inflows.
Significant Milestone Since June
This notable inflow day on July 12 marked the largest since June 5, when the total inflows for spot Bitcoin ETFs reached $488.1 million. Cumulatively, the spot Bitcoin ETFs received a substantial $1.04 billion throughout the week.
Overall Performance and Market Context
Since their launch just over six months ago, spot Bitcoin ETFs have amassed a total of $15.8 billion in net inflows. This figure includes significant outflows from Grayscale’s flagship Bitcoin product, which transitioned into a spot ETF format earlier this year.
Bitcoin itself has shown a modest increase of 1.43% over the last 24 hours, currently trading at $57,858. Despite this recent uptick, it has experienced a downturn of nearly 15% over the past month and remains over 21% below its all-time high.
Future Prospects and Expansion
Looking ahead, several Bitcoin ETF issuers are preparing to introduce spot Ether (ETH) ETFs, potentially launching as early as next week. Nate Geraci, President of The ETF Store, indicated that these issuers are awaiting regulatory approval after receiving initial feedback last month on their amended S-1 registration statements.
This recent surge in inflows underscores growing investor confidence and interest in cryptocurrency ETFs, highlighting their evolving role in the broader investment landscape.
