Bitcoin’s price surged past $64,000 on 15 July, following a substantial inflow of $301 million into the eleven spot Bitcoin exchange-traded funds (ETFs) in the U.S., marking the seventh consecutive day of positive inflows for these funds.

BlackRock’s IBIT, Ark Invest, and 21Shares’ ARKB led the inflows, each recording $117.2 million. BlackRock’s IBIT also emerged as the most traded Bitcoin ETF on Monday, with a trading volume of $1.24 billion.

Bitcoin ETF Flow (US$ million) – 2024-07-15TOTAL NET FLOW: 300.9(Provisional data)IBIT: 117.2FBTC: 36.1BITB: 15.2ARKB: 117.2BTCO: 7.9EZBC: 3.7BRRR: 0HODL: 3.6BTCW: 0GBTC: 0DEFI: 0For all the data & disclaimers visit:https://t.co/4ISlrCgZdk

— Farside Investors (@FarsideUK) July 16, 2024

Fidelity’s FBTC and Bitwise’s BITB saw net inflows of $36.15 million and $15.24 million, respectively, boosting their total inflows to $9.75 billion and $2.14 billion. Other Bitcoin ETFs, including those from VanEck, Invesco and Galaxy Digital, and Franklin Templeton, also reported net inflows on Monday.

In contrast, Grayscale’s GBTC, along with ETFs from Valkyrie, WisdomTree, and Hashdex, recorded no inflows on the same day. Since its inception, GBTC has experienced total outflows of $18.63 billion.

Overall, $2.26 billion worth of value was traded on U.S. spot Bitcoin funds on Monday. This trading volume remains lower compared to March when volumes exceeded $8 billion on multiple days. Since their launch in January, the ETFs have accumulated a total net inflow of $16.11 billion.

You might also like: Bitfinex expects news-driven Bitcoin gains, but warns of potential selling pressure

The rise in Bitcoin’s price saw it trading at $64,874 at the time of publication. BlackRock co-founder and CEO Larry Fink commented in a CNBC interview that Bitcoin has become a “legitimate financial instrument,” acknowledging that his earlier skepticism about the cryptocurrency was misplaced.

Meanwhile, the market is anticipating the imminent approval of spot Ether ETFs by the SEC, with many expecting a decision within the week. Even if not this week, a launch is anticipated within July.

Meanwhile, the market is anticipating the imminent approval of spot Ether ETFs by the SEC, with many expecting a decision before the end of July.

Analysts, including Matteo Greco of Fineqia, suggest that strong inflows are expected for ETH Spot ETFs, adjusted for the market cap difference between BTC and ETH. Greco indicated that analyzing net inflows in proportion to BTC would be crucial to estimating investors’ appetite for digital assets beyond BTC.

“Despite differing market conditions, ETH Spot ETFs may also see outflows from Grayscale Ethereum Trust, similar to what happened with GBTC,” said Greco.

Read more: Spot Ethereum ETF approval is looming: 2 reasons to avoid