Bitcoin ETFs Hit Record High with Over $16 Billion in Net Flows
Spot Bitcoin (BTC) exchange-traded funds (ETFs) have crossed $16 billion in yearly net flows for the first time, according to Bloomberg ETF analyst Eric Balchunas.
He described this progress as “two steps forward, one step back,” referencing the underperformance in June.
Initially, Balchunas and fellow analyst James Seyffart predicted spot Bitcoin ETFs would reach between $12 billion and $15 billion in net flows within a year, a target met in just six months.
Recent data shows nine Bitcoin ETFs added 5,383 BTC to their holdings, worth over $340 million. BlackRock led with an addition of 1,844 BTC, bringing its total to 318,120 BTC.
The Valkyrie Bitcoin Fund was the only ETF not to add any BTC yesterday.
According to CoinShares, Bitcoin ETFs saw the fifth-largest weekly inflow last week at $1.35 billion.
This, coupled with net outflows for funds indexed to short BTC positions, indicates a positive investor sentiment.
In June, Ether and Solana also showed significant momentum, potentially attracting between $1 billion to $3 billion in net inflows due to growing ETF interest.
Despite a 7% decline in Bitcoin's price in June, spot Bitcoin ETFs experienced net inflows of $790 million earlier this month.
This week, Bitcoin ETFs recorded over $300 million in net inflows, the highest since early June.
In May, discussions at a consensus event highlighted President Biden's inconsistent positions on crypto regulations, eliciting mixed reactions.
Recently, CoinDesk detailed the rise and fall of the Terra ecosystem, focusing on the failures of UST and LUNA.
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