The US spot Bitcoin ETFs have been making headlines recently, with a daily net inflow of $301 million on July 15th. This marked the seventh consecutive day of positive inflows, setting a new record amidst a broader market recovery. It is worth noting that none of the ETFs recorded any outflows on that day.
According to data from SoSoValue, BlackRock’s IBIT emerged as the top spot Bitcoin ETF by net asset value, recording the largest net inflow of $117.25 million. IBIT also led in terms of trading volume, with a staggering $1.24 billion traded on Monday. Ark Invest and 21Shares’ ARKB followed closely behind, both experiencing net inflows of $117.19 million. Other notable performers included Fidelity’s FBTC, Bitwise’s BITB, VanEck’s HODL, Invesco, Galaxy Digital’s BTCO, and Franklin Templeton’s EZBC, all of which recorded net inflows.
While some ETFs saw significant inflows, others like Grayscale’s GBTC and Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI reported no flows for the day. Despite the overall positive sentiment, the total trading volume of $2.26 billion was lower compared to the peak in March, when it exceeded $8 billion on certain days. However, these funds have collectively attracted $16.11 billion in net inflows since their launch in January.
The recent surge in bitcoin’s price can be attributed to various factors, including fears of massive selling pressure from Mt. Gox and the German government. However, the attempted assassination on former US President Donald Trump at a pro-crypto rally seemed to spark a recovery in the digital asset. Experts are optimistic about bitcoin’s price trajectory, with the cryptocurrency surging over 9% in the past week and hovering around $64,000.
Veteran trader Peter Brandt discussed bitcoin’s price outlook, suggesting a potential major rally in the near future. He highlighted a pattern he calls “Hump->Slump->Bump->Dump->Pump” and noted that the recent double top attempt on July 5 was a bear trap, confirmed by the July 13 close. While he predicts a continued upward trend, Brandt warns that a close below $56,000 could invalidate this bullish view. Overall, the market sentiment remains optimistic, with experts closely monitoring the price movements of bitcoin and the performance of ETFs in the coming days.