Eleven spot Bitcoin exchange-traded funds based in the United States managed to see total daily net inflows of $129.45 million on July 1, with the funds reporting their fifth consecutive day of positive flows. The net inflows recorded on July 1 also marked the largest fund purchases seen by ETF funds since June 7.

Inflows Continue in ETF Funds

According to SosoValue data, Fidelity's FBTC fund led the inflow yesterday with $65 million, followed by Bitwise's BITB fund with $41 million. Ark Invest and 21Shares' ARKB fund reported net inflows of $13 million. Funds from Invesco and Galaxy Digital, VanEck and Franklin Templeton saw relatively small inflows around or below $5 million.

The two largest spot #Bitcoin ETF funds in terms of net asset value, BlackRock's IBIT fund and Grayscale's GBTC fund, failed to record any fund inflows on July 1. 11 Bitcoin funds saw trading volume of approximately $1.36 billion on July 1. ETF funds have generated total net inflows of $14.65 billion since inception in January.

What's Happening on the Bitcoin Front?

Meanwhile, according to Tradingview data, at the time of writing, the Bitcoin price was trading at $63,050, with an increase of 0.25% in the last 24 hours. Bitcoin has rallied from its brief low point below $60,000 last week but continues to trade below the above $71,000 price level seen in early June.

QCP Capital analysts said in a report published on July 1 that both Bitcoin and Ethereum tend to outperform in July due to the historically observed positive seasonality. Coinbase analysts also noted the positive seasonal trend in July.

With all these developments, all eyes turned to macroeconomic data, especially from the United States. Positive signs of this data regarding the interest rate cut decision may trigger an increase in risky investment products such as Bitcoin and altcoin projects.