As of the 1st July, U.S. spot Bitcoin ETF pulled a whopping $130 million. This is a huge change! It’s the largest influx in recent weeks, and it could indicate a shift in investor perception.
The surge in investment is the biggest in recent weeks, and could signal a change in the investor’s attitude.
You may also like: Bitcoin (BTC): Analysts Predict ‘Bullish July’ After 7% Fall in June
Why are Crypto ETFs raking in over $130 million?
Current Trends in ETF Inflows
To better appreciate the magnitude of this transformation, let’s examine these ETF flows. Fidelity FBTC is the ETF with the most inflows, $65 million.
Bitwise BITB’s value was close as well. This impressive amount was $41 millions. ARKB, 21Shares and Ark Invest also saw net inflows totaling $13 million.
If you’re asking the question ‘’But, what about the other player?You are not alone if you ask the question ”But, what about the other player? Ivesco Galaxy Digital VanEck and other players also reported inflows worth $5 million.
It’s also surprising that BlackRock IBIT and Grayscale GBTC had zero inflows on this day. In addition, they are two of the biggest spot bitcoin ETFs based on net asset values. Interesting, right?
You may also like: Ethereum ETFs Expected to Capture 20% of Bitcoin ETF Flows
Crypto Market Trends: What to Expect?
The ETF flows mentioned above are closely linked to the overall trend in investments. Also, while the price of bitcoin has dropped 0.3% on its first day to $63,094, the overall picture is still important. Bitcoin’s price has been on an up and down rollercoaster, having recovered from a drop below 60.000 just a week earlier. Although its price is lower, it’s still below the 71.000 dollar peak reached in June.
Also, seasonal patterns influence the investment trend. When we look back in time, Bitcoin and Ether tend to be more successful in July.
Please Read: Bitcoin Predicted to Reach $200,000 by 2025 Says Bernstein
We all know that a surge of 130 million in ETF flows is an important shift in crypto trends. Looking at the number of transactions, it is safe to say that investor confidence has risen dramatically in the last three weeks.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
