On the 8th of July, Bitcoin spot ETFs have again seen a huge amount of inflows. As per SpotOnChain, famous on-chain analytics providing firm, Bitcoin spot exchange-traded funds have seen +$295 million worth of inflows. The company took to its official X account to disclose the individual inflows of the ten US Bitcoin ETFs.
🚨 $BTC #ETF Net Inflow July 8, 2024: +$295M!• This is the highest net inflow by the 10 US Bitcoin ETFs in the past 21 trading days, which came despite the $1B worth of $BTC outflows from the German government.• No US Bitcoin ETF, not even #Grayscale, saw an outflow… pic.twitter.com/kzJglkSShG
— Spot On Chain (@spotonchain) July 9, 2024
Bitcoin Spot ETFs Record Massive Inflows of More than $295M
In its latest X post, the firm pointed out that this is a remarkable development for ETFs. This reportedly denotes the maximum inflow for the BTC ETFs in the United States during the last twenty-one trading days. The inclusion of such a massive amount occurs despite the outflow of $1B in BTC from the German authorities. Hence, this move provides a positive outlook for the BTC ETFs.
The reports have brought to the front that the German government transferred almost 16,000 BTC tokens in recent days. This has likely put great selling pressure on the BTC ETF market. Nonetheless, the latest inflows have affirmed the solid position of the Bitcoin exchange-traded funds. Apart from that, this also signifies a resilient investor demand and confidence.
BlackRock Dominates the Market with $187.2M in Inflows
Particularly, no BTC ETF saw any outflows on the 8th, not even GBTC. Rather, it recorded $25.1M in inflows. BlackRock dominated with inflows of nearly $187.2M worth. Fidelity went through an inflow of up to $61.5M. HODL, BITB, and ARKB recorded $1.6M, $11M, and $8.4M in inflows respectively.