The overall cryptocurrency market is struggling and has experienced a massive price fall since June 2024. Amid this struggling market, a report from the on-chain analytics firm Spotonchain has gained massive attention, as spot Bitcoin exchange-traded funds (ETFs) in the United States saw substantial inflows on July 12, 2024.
$310 million inflows into Bitcoin ETF
According to the report, the ETF market has experienced over $310 million of inflow, marking the best day since June 5, 2024, according to data from spotonchain.
$BTC #ETF Net Inflow July 12, 2024: +$310M!• This trading week saw a total inflow of $1.05B and no day with an outflow .• The $310M inflow yesterday was also the highest in the past 25 trading days.• #BlackRock (IBIT) led the leaderboard with a $120M inflow,… pic.twitter.com/WKplbLK1MO
— Spot On Chain (@spotonchain) July 13, 2024
In this record funds inflow, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the charge, attracting $120 million and $115.1 million, respectively. The Bitwise Bitcoin ETF followed with $28.4 million, while the Grayscale Bitcoin Trust (GBTC) experienced a rare inflow day with $23 million.
The VanEck Bitcoin Trust ETF and Invesco Galaxy Bitcoin ETF recorded inflows of $6 million and $4 million, respectively. However, ETFs issued by Hashdex, Franklin Templeton, Valkyrie, and WisdomTree did not see any inflows on that day.
This marks the largest inflow day since June 5, when spot Bitcoin ETF issuers saw $488.1 million in inflows. The combined total for these issuers has now reached $1.04 billion.
Since their launch a little over six months ago, spot Bitcoin ETFs have garnered $15.8 billion in net inflows. This figure includes over $18.6 billion in outflows from Grayscale’s flagship Bitcoin product, which was converted to spot form following approval from the US Securities and Exchange Commission (SEC) in January.
The Hashdex Bitcoin ETF (DEFI) is the only other spot Bitcoin ETF with net outflows, although the amount is relatively small at $2 million.
Are ETF traders buying the dip?
These massive inflows into Bitcoin amid a challenging market highlight ETF traders’ interest and confidence in Bitcoin. Additionally, this might be a potential “buy the dip” scenario for traders.
As of now, Bitcoin is trading near $58,200 and it experienced a decent price surge of 1.5% in the last 24 hours, according to coinmarketcap. Despite this, it has dropped nearly 15% over the past month and remains over 21% below its all-time high.
In related news, some Bitcoin ETF issuers are preparing to launch spot Ether ETFs, which could debut as early as next week. These issuers are awaiting the SEC’s approval of their amended S-1 registration statements after receiving initial feedback late last month.
