Spot Bitcoin ETFs see highest flow day in over 5 weeks

United States-based spot Bitcoin exchange-traded funds recorded over $310 million in inflows on July 12 — marking its best-performing day since June 5.

BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) saw most of the flows at $120 million and $115.1 million, respectively, Farside Investors data shows.

The Bitwise Bitcoin ETF came in third at $28.4 million, while the Grayscale Bitcoin Trust (GBTC) recorded another rare inflow day at $23 million.

The VanEck Bitcoin Trust ETF and Invesco Galaxy Bitcoin ETF tallied $6 million and $4 million in inflows too.

Meanwhile, the Hashdex, Franklin Templeton Valkyrie and WisdomTree-issued spot Bitcoin ETF failed to register an inflow on the day.

It was the largest flow day since June 5 when the spot Bitcoin ETF issuers tallied $488.1 million in flows.

Friday’s tally means the spot Bitcoin ETF issuers took in a combined $1.04 billion this week.

The spot Bitcoin ETFs have now mustered $15.8 billion in net inflows since the products launched a little over six months ago.

That tally includes over $18.6 billion in outflows from Grayscale’s flagship Bitcoin product, which was converted into spot form following the US securities regulator’s approval in January.

The Hashdex Bitcoin ETF (DEFI) is the only other spot Bitcoin ETF to have a net outflow — though it is relatively small at $2 million.

Bitcoin has increased 1.1% over the last 24 hours and is currently trading at $57,858, CoinGecko data shows.

However, it is down nearly 15% over the last month and is now over 21% away from its all-time high.

Some of these Bitcoin ETF issuers are now preparing to issue spot Ether ETFs, which could launch as early as next week, according to Nate Geraci, President of The ETF Store.

These issuers are now awaiting the US securities regulator to sign off on their amended S-1 registration statements after receiving a first round of feedback late last month.

Source: https://cointelegraph.com/news/spot-bitcoin-etfs-see-highest-flow-day-in-over-5-weeks