So far, the Bitcoin spot ETF has accumulated a net inflow of $14.525 billion. Specifically, BlackRock's IBIT fund has accumulated a net inflow of $17.725 billion, Fidelity's FBTC fund has accumulated a net inflow of $9.166 billion, and Grayscale's GBTC fund has accumulated a net outflow of $18.515 billion. BlackRock's IBIT has the largest net inflow of $17.725 billion. This shows that players have a high degree of confidence in BlackRock's Bitcoin spot ETF. As the world's largest asset management company, BlackRock's brand effect and management capabilities are undoubtedly important factors in attracting funds. Players choose IBIT in part because of their trust in its stability and management professionalism.
Fidelity FBTC's cumulative net inflows were also considerable, reaching $9.166 billion. As another well-known financial institution, Fidelity's ETF products are also favored by the market. This shows that there is a strong demand for Bitcoin spot ETFs, and players hope to participate in the growth of the cryptocurrency market through these products. However, Grayscale GBTC's cumulative net outflow of $18.515 billion is eye-catching. GBTC was once the most popular Bitcoin investment tool on the market, but with the launch of spot ETFs, its appeal is clearly declining. Players prefer spot ETFs with lower fees and simpler structures rather than Grayscale's trust products.
Fund investment in Bitcoin this year shows strong demand and volatility in the market. In the first three months of this year, players invested about $13 billion in Bitcoin funds, and about $2.6 billion in the second quarter. Although the investment amount declined in the second quarter, the trend reflects the dynamic changes in the market and the adjustment of players' strategies. The $13 billion investment in the first three months was obviously driven by the rise in Bitcoin prices. With the launch of the spot Bitcoin ETF, market sentiment is high and players are pouring in, driving a large amount of funds into these funds. Matthew O'Neill, co-head of research at Financial Technology Partners, pointed out that the issuance of ETFs has caused great excitement and attracted the attention of a large number of professional players. These players hope to purchase cryptocurrencies through institutional means to diversify their asset allocation.
The $2.6 billion investment in the second quarter, although a decrease from the previous three months, still shows the market's continued interest in Bitcoin-based funds. The price has naturally adjusted after a rapid rise, which is a common phenomenon in the market. Players are relatively cautious in their investment during this period in order to observe market trends and find a more suitable time to enter the market. Matthew O'Neill also mentioned that for players who have not yet purchased ETFs, they are waiting for the next increase in Bitcoin prices. This view reflects the potential investment demand in the market and expectations for future price trends. Although the current investment has slowed down, it does not mean the disappearance of market demand. On the contrary, it is a precursor to the market rising again after a short-term adjustment.
In the Bitcoin market, we have recently observed a significant change, that is, Bitcoin’s weekend trading volume dropped to 16% of the total trading volume, a record low. According to data from Kaiko, this change occurred after the launch of the spot Bitcoin ETF, indicating that Bitcoin trading models are gradually converging with the traditional stock market. The launch of ETFs has changed Bitcoin’s trading schedule. Traditional stock exchanges operate from Monday to Friday, which concentrates a large amount of trading activity on weekdays. Specific data shows that Bitcoin trading volume between 3 p.m. and 4 p.m. on weekdays rose to 6.7% from 4.5% in the fourth quarter of 2023. This is when ETF holders determine the price of Bitcoin to calculate the net asset value of the ETF. critical period.
The continued decline in Bitcoin's weekend trading volume also reflects changes in the behavior of market participants. In 2019, Bitcoin's weekend trading volume peaked at 28%, but now this proportion has dropped significantly. This is not only a sign of market maturity, but also a reduction in market volatility. This is undoubtedly good news for long-term players. Kaiko senior analyst Dessislava Aubert pointed out that the decline in weekend trading volume is "a trend that has existed for many years, but ETFs have exacerbated this trend." This view emphasizes the important influence of ETFs in the Bitcoin market, and we may see more similar changes in the future.
This week, multiple projects have unlocked large amounts of tokens, totaling approximately $84.5 million, which will have a significant impact on the market.
Manta Network: About 1.87 million tokens were unlocked at 8:00 on July 1, accounting for 0.57% of the circulation, worth about $1.88 million. This unlocking scale is relatively small and is expected to have limited impact on market prices.
dYdX: About 8.33 million tokens were unlocked at 8:00 on July 1, accounting for 3.12% of the circulation, worth about $11.18 million. This high unlocking ratio may put some selling pressure on the market price.
Sui: About 64.19 million tokens were unlocked at 8:00 on July 1, accounting for 2.65% of the circulation, with a value of about 50.1 million US dollars. This is the project with the largest unlocking amount this week, which may have a greater impact on the market supply and demand relationship.
Maverick Protocol: About 36.4 million tokens were unlocked at 8:00 on July 1, accounting for 14.56% of the circulation, worth about $9.25 million. This ratio is extremely high and may cause significant market fluctuations.
ZetaChain: About 5.29 million tokens were unlocked at 8:00 on July 1, accounting for 1.92% of the circulation, with a value of about 4.16 million US dollars. The unlocking ratio is moderate, and the impact on the market may be relatively mild.
Acala: About 27.43 million tokens were unlocked at 15:00 on July 1, accounting for 2.69% of the circulation, worth about 1.8 million US dollars. Although the unlocking amount is large, the total value is relatively low, and the impact on the market is expected to be limited.
io.net: About 7.5 million tokens were unlocked at 21:00 on July 1, accounting for 7.89% of the circulation, worth about 23.55 million US dollars. This high ratio may cause certain selling pressure on the market.
Galxe: About 3 million tokens were unlocked at 8:00 on July 5, accounting for 2.60% of the circulation, worth about 6.31 million US dollars. The unlocking ratio is moderate, which may cause certain fluctuations in market prices.
Hashflow: About 13.62 million tokens were unlocked at 8:00 on July 7, accounting for 3.28% of the total circulation, worth about 2.75 million US dollars. The unlocking ratio is high, so be wary of market fluctuations.
Ethena: About 14.89 million tokens were unlocked at 15:00 on July 7, accounting for 0.92% of the circulation, worth about 7.26 million US dollars. The unlocking ratio is low and is expected to have little impact on the market.
BTC: The monthly line closed with a middle Yin line, and the upper and lower shadows indicate that there was a fierce battle between long and short positions last month, and the short side won. It is now below the May average line. If it does not effectively stand above the May average line of 65,200 this month, then all the rebounds this month are paper tigers. The market may continue to fall and test the second target, the October average line. At present, the fastest cycle may take 3 months. Be a friend of time and wait patiently for the bull market to return. In the process of the bull market, long-term investors can still hold the currency.
ETH: Linked to Bitcoin trend.
ONDO: Yesterday it closed with a big positive line and was suppressed by the 30-day moving average in the short term. If it can effectively break through 1.24 and reach 24 hours, it will be regarded as a breakthrough. Otherwise, it will continue to adjust.
XMR: It closed with a small positive line yesterday and is now above the 20-day moving average. The daily MACD is above the zero axis and may continue to move upward in the short term.
TON: A spinning hammer line was closed yesterday. The daily level is now above all moving averages. It may choose to fluctuate upward in the short term.
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