As an experienced analyst, I find the recent trend in Bitcoin ETF inflows to be a significant development in the crypto market. The large inflows of over $300 million into ten U.S. spot Bitcoin ETFs on July 12, with six consecutive days of positive flows, indicates that institutional investors are actively buying the dip amidst market volatility. This is a bullish sign for Bitcoin and could potentially lead to further price appreciation.
On last Friday, the combined investment into the ten U.S.-listed Bitcoin spot ETFs amounted to $310 million, equivalent to approximately 5,361 Bitcoin units. This marks the most significant inflow into these derivatives since June 5, as reported by Farside Investors.
As a researcher observing the market trends, I’ve noticed that for the past six days in a row, there have been net purchases by institutional investors. This could signify their confidence in the market’s recovery from the recent correction.
Over the past week, the incoming funds have surpassed the $1 billion mark, while there’s been no outgoing activity for our products since the 3rd of July.
Final 7/12 U.S. Bitcoin ETF inflows of $311 million (5,361 $BTC)
6th consecutive positive day
— HODL15Capital (@HODL15Capital) July 13, 2024
Record BTC Supply Held By ETFs
The BlackRock IBIT fund took the top spot with a impressive inflow of $120 million, nearly equaled by Fidelity’s FBTC with $115 million in recent investments. This week marked a significant achievement for the IBIT fund as it surpassed $18 billion in total inflows since its launch in January.
During the same period, IBIT and its allies have been purchasing large amounts of Bitcoin, reminiscent of Super Pac-Man consuming pellets. Notably, the price remains below $60,000 despite a recent 20% decrease.
Approximately $28 million flowed into the Bitwise Bitcoin ETF (BITB), while insignificant amounts entered other funds. Grayscale’s GBTC spot ETF experienced a net investment of around $23 million, bouncing back after three consecutive days of outflows this week.
The drain of Bitcoin from Grayscale’s GBTC trust has noticeably decreased. Yet, this trust has seen a loss of approximately 348,000 Bitcoins, which equates to nearly 56% of its entire holdings, throughout the year so far.
HODL Capital reported that the total amount of BTC held by all Bitcoin ETFs globally has topped one million in a new record high. This equates to roughly 5.3% of the total circulating supply of the asset.
UPDATED global Bitcoin ETF tracker
39 funds HODL 1,051,569 #Bitcoin (new record high)
— HODL15Capital (@HODL15Capital) July 13, 2024
Retail Traders Reluctant
Despite the active purchasing of Bitcoin ETFs by analysts, the mood among retail investors continues to express deep-rooted fear.
#Bitcoin ETFs are stacking aggressively while the sentiment in the market is at extreme fear
— Quinten | 048.eth (@QuintenFrancois) July 13, 2024
On Friday, Bitcoin reached a peak price of $58,500 during regular trading hours. In the early hours of Sunday, its value surpassed $60,000 following the unsuccessful assassination attempt against former President Donald Trump.
As a researcher studying the Bitcoin market, I’ve noticed an intriguing development regarding Germany. It seems that their Bitcoin reserves have been depleted. This potential absence of sellers might alleviate the selling pressure in the future.
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2024-07-14 16:29