U.S. spot Bitcoin ETF recorded $129.5 million in inflows on Monday, its highest in the past 16 trading days.
After surviving a bearish crypto market within the past two weeks, outflowing more than $500 million, U.S.-approved spot bitcoin ETFs have resumed their inflow streak. Within the past five market days, about $266.7 million have flowed into the market, with Fidelity’s FBTC leading the streak.
Bitcoin ETFs Records Fifth Straight Day of Inflows
According to data from Farside, spot bitcoin ETFs have concluded the last five market days with inflows, signaling a knock-up from the just finished outflow streak. Winding up the market on Monday, the 11 approved ETFs recorded their highest inflow within the previous 16 market days, infusing $129.5 million.
Significantly, Fidelity’s FBTC has been at the forefront of this inflow period, taking in $65 million on Monday and inflowing $112 million within the past five days. Bitwise’s BiTB seconded by recording $41.4 million in inflows on Monday. Ark21Shares’ ARKB recorded $17.4 million, while Vaneck’s Bitcoin Trust, HODL, realized its first inflow of $5.4 million since June 26th. BTCO and EZBC inflowed $3.2 and $1.8 million, respectively.
On the other hand, the two largest bitcoin ETFs by net value, Blackrock’s IBIT, known for massive inflows, and Grayscale’s GBTC, which has recorded the most outflows since launch in January, remained dormant on Monday, recording neither an inflow nor an outflow.
WisdomTree Bitcoin Fund, BTCW, saw its last market movement on June 3rd when it inflowed $1.1 million. Valkyrie Bitcoin Fund, BRRR, also saw its previous market move on June 10th after outflowing $15.8 million.
Bitcoin Price Action Amidst ETF Inflow Streak
Following the recent inflows into bitcoin ETFs, the bitcoin price chart witnessed a significant change in market structure and reached the $63,800 mark on Monday.
Despite recent strong selling pressure from the German government, the cryptocurrency has demonstrated resilience. Investors have continued to grow in confidence as many reputable firms, like Sony Technology Groups, enter the crypto industry by purchasing a renowned crypto exchange. Japan-based company Metaplanet continues to top up its bitcoin possessions.
At press time, bitcoin stands above the $62,500 resistance level and trades around $62,800, forming a few bullish candlesticks.
