The U.S. Spot Bitcoin ETF market has a record-breaking 18 consecutive days of inflows for the first time since its approval and launch.
For the first time since U.S. spot Bitcoin Exchange-Traded Funds (ETF) began trading in January, it has concluded 18 consecutive market days on the positive side, with inflows surpassing $3.5 billion. This surge in inflows is a direct result of the increasing demand and price of bitcoin, the digital currency that underpins the ETF market, further solidifying its potential.
U.S Bitcoin ETF Continues Inflow Streak
According to data from Farside, the Bitcoin ETF market has matured significantly to record a massive inflow streak, signaling a knock-up from dormancy and outflows witnessed between April and May.
Blackrock’s ETF, IBIT, has emerged as a key player in the Bitcoin ETF market, significantly contributing to the recent inflow streak. Despite a brief pause in inflows between 13th and 15th May, IBIT made a strong comeback with an impressive inflow of $93.7 million, which rapidly escalated to $290 million within three days. It concluded the market session with its highest inflow of the season, $349.9 million, further solidifying its influence on the market.
Fidelity’s FBTC has consistently performed in the 18-day inflow streak, recording straight inflows. Despite a slight dip, FBTC closed the market with its lowest inflow of the period, $2.1 million. However, it also marked the highest inflow into a single ETF within the 18 days, a staggering $378.7 million on the fourth day of June, showcasing its resilience and potential.
Despite charging the highest ETF management fees, Grayscale’s GBTC joined the inflow streak, recording six days of inflows worth about $113 million. However, the ETF witnessed seven days of outflows worth more than $376 million and five days of dormancy.
Collectively, the Bitcoin ETF market had its highest inflow of the period, $886.6 million, three days ago and has gained $3.873 billion in inflows throughout the 18-day inflow streak.
Bitcoin Exhibits Bullish Momentum Amidst ETF Inflow Streak
Since Bitcoin ETF Approval in January, the market has attracted many investors and extended the product across continents, as Asia and Australia have approved their first Bitcoin ETFs.
Despite a few bearish weeks after the 2024 Bitcoin halving event, the cryptocurrency has risen significantly. Within the past seven days, the price of bitcoin has jumped from the $67,000 mark to above $71,000 per BTC. With efforts to cross the $72,000 per coin price not yet successful, the market remains bullish as many investors predict a much higher price for the cryptocurrency.
