Bitcoin ETFs had another excellent market performance after recording a daily inflow of $310 million. Apparently, this is a continuation of investors’ increased attention despite Bitcoin’s fluctuations in the past few days. Here, we will discuss the recent increase in Bitcoin ETF inflows and the recent resurgence in BTC prices.
New Record $310 Million Inflow for Bitcoin ETFs With No Outflow
July 12th was a massive day for Spot Bitcoin ETFs, recording a gigantic $310 million that same day while having a $0 outflow for the day. The 30-day data of the Bitcoin ETFs’ major characteristic is the massive number of outflows in the charts. From the 14th of June to the 20th, there were outflows of more than $800 million, with little or no inflows on most days.
However, things stayed changing from 25th June, when the ETFs started recording a little bit of inflows. But this was still little, as the cumulative inflows from June 25th and July 1st were less than $300 million. Nevertheless, the primary number of inflows started from July 5th when the ETFs recorded a massive $171 million daily inflow, while the outflow was still at $28.60 million. However, things even got better on 8th July, with an inflow of over $294 million.
This was the second-largest inflow in the last 30 days. However, a new record came in on 12th July after an inflow of $310 million within a day with no outflow at all. IBIT ETFs took the majority of the inflows with over $120 million, while Fidelity ETF came second at $115 million. Even Grayscale, which is known for having many outflows, saw a $23 million inflow.
Grayscale Bitcoin ETFs Take Majority of Outflows
Grayscale is the only Bitcoin ETF that has a consistent history of having major outflows. In the last month, it stayed at the top of the list of ETFs with massive outflows. On 5th June, with an outflow of $191 million, Grayscale had over $50 million alone. Moreover, there was another $ 63 million outflow on 18th June, while it got worse to over $90 million on 24th June. The recent outflows are linked to the high fees of their ETFs, making investors see it as a dumping ground for their ETFs.
Bitcoin Bounce Back to $60k: What Next?
However, Bitcoin is back on track after recording more than a 2% increase in the past 24 hours to increase the price to more than $60k. This is the first time the apex cryptocurrency will be reaching this price level in more than 10 days on July 4th. Bitcoin’s resurgence in the market is also affecting the price of other cryptocurrencies, with Ethereum increasing to over $3.1k. Even memecoins such as Dogwifhat and Bonk are rising by more than 8% and 4%, respectively.
Conclusion
For the first time in many weeks, Bitcoin ETFs crossed a daily Inflow of more than $300 million after an excellent market performance on 12th July. The only time the ETFs came close to achieving this feat was on 8th July, when it had an inflow of around $294 million. However, this also marks the end of Grayscale’s consistent inflows after recording a $23 million inflow on the same data. The latest development concerning ETFs coincides with Bitcoin’s resurgence in the crypto market, with the price increasing to over $60k for the first time in many days.
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