đBitcoin enthusiasts, buckle up! The US spot Bitcoin ETFs experienced a net outflow of $20.45 million on Wednesday, with only two funds showing activity. Grayscaleâs GBTC saw a $26.99 million exit, while Fidelityâs FBTC gained $6.55 million. The remaining nine funds, including BlackRockâs IBIT, Bitwiseâs BITB, and VanEckâs HODL, reported no flows. đ
Trading volume for these 11 funds reached around $800 million on July 3rd, down from $995 million the previous day. This is a significant drop from March, when daily volume ranged from $8-$10 billion. However, since their launch in January, the ETFs have attracted a total of $14.62 billion in net inflows. đ°
July kicked off on a high note for US spot Bitcoin ETFs, recording their largest daily influx in almost a month on the first day, totaling $129 million. This aligns with historical patterns, showing that Bitcoin often begins in July with an upward trend. đ
However, the first week has been turbulent. Bitcoin dropped to $56,770, a level last seen in February. This drop occurred after Germanyâs government moved another batch of confiscated Bitcoin tokens. Additionally, whales are selling again, with a transfer of 1,700 BTC valued at over $99 million to Binance. đł
Despite the bleak picture, Bitfinexâs Head of Derivatives, Jag Kooner, believes that Bitcoin ETF flows might see an uptick if market participants believe that âeconomic uncertainty will drive the Fed towards eventual rate cuts, enhancing the appeal of Bitcoin as an inflation hedge.â đ
Stay tuned, Bitcoin believers! The ride is far from over! đ