Institutional investors have bought the dip after Bitcoin’s recent downtrend. This is clearly visible from the increased demand for the Spot Bitcoin ETFswho delivered their best weekly performance in a long time.
Spot Bitcoin ETFs Record Best Inflows in Over a Month
According to data from JPMorgan, the Spot Bitcoin ETFs saw their best inflows in over a month, with $882 million flowing into these funds in the week ending July 11. This represents their best weekly inflow since May 23, when they recorded weekly net inflows of $1,022.
Interestingly enough, there’s an addition to the $310.1 million net inflow that these Spot Bitcoin ETFs saw on June 12, according to facts from Farside Investors, shows that this was their best weekly outing since March. Friday’s count means these funds raised almost $1.05 million this week.
Meanwhile, Friday’s total net revenue was $310.1 million stand for the best daily exit for these Spot Bitcoin ETFs since June 5. BlackRock’s IBIT And Fidelity’s FBTC accounted for the most cash flows that day, with $120 million and $115.1 million flowing into these funds, respectively.
Bitwise’s BITBGrayscale’s GBTC, Ark Invest’s ARKB and VanEck’s HODL also recorded inflows of $28.4 million, $23 million, $13 million and $6.6 million respectively. The other Spot Bitcoin ETFs recorded no inflows on July 12.
According to facts from Soso Value, these funds have now received a total net inflow of $15.81 million since they were approved in January. This includes the $18.64 billion net outflow that Grayscale’s GBTC has recorded during this period. The net inflow that BlackRock’s IBIT has received ($18.26 billion) during this period has helped plug the Grayscale bleeding.
The other Spot Bitcoin ETF issuers have also played their part, with all of these funds boasting net inflows. Fidelity’s FBTC comes in second behind IBIT, with total net outflows of $9.72 billion since launchARKB and BITB rank third and fourth, with total net inflows of $2.5 billion and $2.13 billion respectively.
The worst is almost over for the crypto market
The crypto market has been in the red for the past few weeks thanks to the German governmentBitcoin sell-off that began last month. The worst seems to be almost over, however, as facts of the on-chain analytics platform Arkham Intelligence shows that the German government no longer has any Bitcoins in its reserves.
Based on this and with the help of the Spot Bitcoin ETFs, Bitcoin appears poised to recover and reclaim the $60,000 support. Spot Ethereum ETFs are also expected soon, with market experts such as Bloomberg analyst James Seyffart predict that they could start trading next week. This will create more bullish momentum for Bitcoin and the broader crypto market.
Main image from Pexels, chart from TradingView