• Bitcoin ETFs saw $383.6M inflows on July 19, with FBTC and IBIT leading the surge, reflecting increased investor interest.

  • Bitwise’s BITB and VanEck’s HODL contributed significantly, with inflows of $44.6M and $41.8M, underscoring rising ETF appeal.

  • Bitwise’s BITB net inflow surpasses $2.2B; Ethereum ETFs are expected to launch soon, potentially driving further market rallies.

On July 19, Bitcoin ETFs experienced notable inflows totalling $383.6 million. This figure marks the second-highest for the month, following a record $422.9 million on July 16. According to SoSoValue data, the largest beneficiaries of this inflow were the Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT), with $141 million and $116.2 million, respectively. This increase is a result of investors’ rising interest in exchange-traded funds that use Bitcoin.

Bitcoin ETFs hit +$17b in YTD net flows for the first time yesterday. This is most imp number to watch, as it is net the GBTC unlock and independent of price appreciation, basically no bs, can only grow through net demand and adoption. And it can go down but right now moving up. https://t.co/VDUC6tVW5i

— Eric Balchunas (@EricBalchunas) July 20, 2024

Key ETF Players and Their Contributions

The Bitwise Bitcoin ETF (BITB) and VanEck Bitcoin Trust ETF (HODL) also contributed significantly. BITB recorded an inflow of $44.6 million, while HODL added $41.8 million. Despite smaller inflows compared to FBTC and IBIT, these figures are noteworthy and highlight the increasing appeal of Bitcoin ETFs across the market.

In contrast, Grayscale’s GBTC, after experiencing a series of negative flows, saw a positive turn with $20.3 million in new investments. GBTC currently holds $18.29 billion in net assets. Additionally, the Coinshares Valkyrie Bitcoin Fund ETF (BRRR) and Invesco’s BTCO attracted $7.6 million and $6.4 million, respectively. Franklin Templeton’s EZBC and WisdomTree’s BTCW concluded the day with $3.9 million and $1.8 million in inflows.

Bitwise’s Market Influence and Future Outlook

Hunter Horsley, CEO of Bitwise Invest, revealed that a number of U.S. wealth management branches have invested in Bitwise ETFs. Specifically, 20% of branches from a major U.S. bank have chosen Bitwise. This highlights a broader trend of traditional finance increasingly adopting Bitcoin and crypto ETFs.

Furthermore, Bitwise’s BITB has seen its net inflow exceed $2.20 billion amid a positive market sentiment. On the same day, BITB alone garnered $44.6 million in inflows. Bitwise’s CEO Horsley and CIO Matt Hougan are optimistic about future allocations, especially with the anticipated launch of Ethereum ETFs.

Hougan believes Ethereum may rise above $5,000, reflecting the popularity of Bitcoin exchange-traded funds. Ongoing debates centre on whether or not the introduction of the Ethereum ETF will cause people to “sell the news.”

Read also:

  • Bitwise 2024 Crypto Predictions: Bitcoin, ETFs, AI, and More

  • Bitwise Nears Launch of Ethereum ETF Amid Intense Market Anticipation

  • Bitwise Updates Ether ETF Filing, Pantera Eyes $100M Investment

  • BlackRock and Bitwise Present Revised Spot Bitcoin ETFs Amidst Price Surge

  • Bitwise Researcher Unveils 10 Bold Bitcoin Predictions for Crypto in 2024

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