Institutional Investors They have been buying the dips following the recent downtrend in Bitcoin. This is evident in the increased demand for Bitcoin ETFswhich posted its best weekly performance in a long time.
Bitcoin ETFs Post Best Inflows in Over a Month
According to data from JPMorgan, Bitcoin ETFs Foreign direct investment funds saw their best inflows in more than a month, with $882 million flowing into these funds in the week ended July 11. This represents their best weekly inflow since May 23, when they recorded weekly net inflows of $1,022 million.
Interestingly, spot bitcoin ETFs saw net inflows of $310.1 million on June 12, according to Data From Farside Investors, it appears this was their best weekly performance since March. Friday’s total means these funds raised nearly $1.05 million this week.
Meanwhile, total net inflows on Friday amounted to $310.1 million. Represent Best daily performance for Bitcoin ETFs since June 5. BlackRock IBIT And FBTC from Fidelity ETFs accounted for the bulk of the day’s inflows, 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. Other spot bitcoin ETFs failed to record any inflows on July 12.
according to Data From Soso Value, these funds have now taken in a total net inflow of $15.81 million since their approval in January. This includes the $18.64 billion net outflow recorded by Grayscale’s GBTC fund during the period. The net inflows taken in by BlackRock’s IBIT fund ($18.26 billion) during the period were able to plug Grayscale’s bleeding.
Other issuers of spot bitcoin ETFs also played their part, with all of them seeing net inflows. Fidelity’s FBTC fund ranked second after IBIT, with total net outflows of $9.72 billion. Since launchARKB and BITB came in third and fourth, with total net inflows of $2.5 billion and $2.13 billion, respectively.
The worst is almost over for the cryptocurrency market
The cryptocurrency market has been in the red for the past few weeks thanks to German governmentBitcoin sell-off began last month. However, it seems that the worst is almost over, as Data from Arkham Intelligence On-Chain Analytics Platform It appears that the German government no longer has any Bitcoin in its reserves.
Accordingly, with the help of spot Bitcoin ETFs, Bitcoin looks set to recover and reclaim the $60,000 support level. Ethereum ETFs It is also expected to launch soon, with market experts like Bloomberg Analyst James Seyfart They are expected to start trading next week. This will provide further bullish momentum to Bitcoin and the broader cryptocurrency market.
Featured image by Pexels, chart by TradingView
