While the Bitcoin price fell 7% in June, spot Bitcoin ETFs saw net inflows of $790 million. 📉😲

Funds have previously experienced heavy outflows, especially when the underlying cryptocurrency fell sharply in April. But this time the situation is different.

The idea that the herd chasing “number going up” price action was a result of rapid asset growth in spot Bitcoin ETFs took a hit in June. 🤔💡

Even as the price of Bitcoin {{BTC}} fell 7%, spot funds saw net inflows of $790 million, according to Bloomberg Intelligence data. BlackRock's iShares Bitcoin Trust (IBIT) led the way, with inflows surpassing $1 billion and offsetting continued large outflows from the high-fee Grayscale Bitcoin Trust (GBTC). 🚀💰

Spot funds saw massive outflows as a group in April when the price of Bitcoin fell 15% that month. But the positive inflow streak in June could also be due to enthusiasm over the possibility of a spot ether ETF.

Ether ETF issuers have been asked to resubmit a key filing before July 8, according to reports that revive hopes of the ETFs launching this month.

This could be a positive as regulators finally show that the industry is accepted as part of the financial system, even if a rival spot crypto ETF arrives that could pull money from Bitcoin funds. 🎉🥳

So what do you think? We are waiting your comments!#DeFi#Web3