As a seasoned crypto investor with a keen eye on market trends, I’m thrilled to witness the impressive inflows into spot Bitcoin (BTC) Exchange-Traded Funds (ETFs) in the U.S. on July 8. The bullish momentum this has triggered is a promising sign for the entire cryptocurrency market.
On July 8, US Bitcoin (BTC) Exchange-Traded Funds (ETFs) experienced significant investor inflows, leading to a broad market uptrend.
Based on Farside Investors’ data, there were net inflows of $294.8 million into bitcoin spot ETFs on Monday, which is the same amount as reported on June 5. Notably, around $187.2 million of these inflows can be attributed to BlackRock’s iShares Bitcoin Trust (IBIT).
IBIT is getting close to the $18 billion mark, currently at $17.92 billion, in total net inflows.
Additionally, the Fidelity Wise Origin Bitcoin Fund (FBTC) experienced an inflow of $61.5 million, bringing its overall assets to $9.42 billion.
It’s noteworthy that on July 8, the Grayscale Bitcoin Trust (GBTC) accounted for the third-largest inflow with a value of $25.1 million.
Furthermore, the ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), and VanEck Bitcoin Trust (HODL) recorded inflows of approximately $11 million, $8.4 million, and $1.6 million respectively.
After a strong increase in investments on Mondays, the accumulated inflows for spot Bitcoin ETFs have now exceeded $15 billion, according to Farside Investors’ data, despite a substantial withdrawal of approximately $18.5 billion from GBTC.
I’ve noticed a significant surge in inflows to the crypto market lately. As a result, the global market capitalization has risen by approximately 4.2%, pushing it up to an impressive $2.22 trillion, based on the data from CoinGecko. Furthermore, the daily trading volume has seen a notable increase of around 30% and currently stands at roughly $117 billion.
As a researcher studying the cryptocurrency market, I’ve observed notable price increases for the top two digital currencies. Bitcoin (BTC) has risen by approximately 3.5%, currently trading at around $57,650. Ethereum (ETH), on the other hand, has experienced a more significant surge of about 5.5%, with its value being exchanged at roughly $3,080 as I write this report.
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2024-07-09 10:01