Spot Bitcoin ETFs recorded a total net inflow of $129 Million on July 1, and continued the net inflow for 5 consecutive days. As of July 1, the cumulative total net inflow reached $14.65 Billion with $54.92 Billion total net assets.
Since the approval month, that is January 2024, Spot Bitcoin ETFs showcased an outstanding performance, and the surge in inflows indicates an increased trading activity or interest in Bitcoin (BTC) The daily total net inflow gradually rose from $31.01 Million on 25 June to $73.05 Million on 28 June.
Source: X
According to Coinglass data, Spot Bitcoin ETFs documented $1.66 Billion in total volume, $56.70 Billion in market cap, and over $52.00 Billion in assets under management (AUM).
The move surged the BTC price from $60,263.40 on June 24 to $62,802.50 on July 1. At press time, BTC was hovering at $62,989.86, after an intraday drop of 0.64% with a market cap of $1,236,889,688,576 and $21,803,709,353 in 24-hour volume.
Among the 11 players, Fidelity ETF FBTC and Bitwise ETF BITB emerged as the top performers in the list. According to Wu Blockchain, FBTC had a single-day inflow of $65.034 Million whereas BITB recorded a single-day inflow of $41.4022 Million.
At the time of writing, FBTC was trading at 55.28, after a surge of 5.37% in a day with a cumulative net inflow of $9 Billion and $10.66 Billion in net assets.
BITB, on the other hand, hovered at 34.44, after an intraday spike of 5.35% with $2 Billion in cumulative net inflow and $2.42 Billion in net assets. Fidelity and Bitwise offer spot trading at a lower price when compared to other players like VanEck and Ark Investment.
Currently, VanEck was trading at $71.47 after a daily change of 5.30% and was standing at $63.17 after an intraday hike of 5.32%. Moreover, Hashdex DEFI and WisdomTree BTCW remained at the bottom of the list with $2 Million and $71 Million in cumulative net inflow, respectively.
The Spot Bitcoin ETFs have seen a robust inflow, with a standout $14.65 billion cumulative net inflow as of July 1, 2024. Fidelity's FBTC and Bitwise's BITB lead the pack, significantly contributing to the uptick in Bitcoin's price. This positive trend underscores rising investor interest and a bullish outlook for Bitcoin.
Also Read: Eight Financial Giants File for Spot Ethereum ETFs
