Bitcoin ETF inflows highest in a month as Bitcoin hovers near $63K

The NFT Unicorn ae3dfde2-cdde-4686-9917-323bfb11a95c Bitcoin ETF inflows highest in a month as Bitcoin hovers near $63K Crypto News

The spot Bitcoin exchange-traded fund (ETF) market in the United States recorded a significant daily inflow of $129.45 million, marking the fifth consecutive day of inflows.

Spot Bitcoin (BTC) ETFs in the United States were approved by the Securities and Exchange Commission on Jan. 10 and started trading on Jan. 11. In the first couple of months, major ETF issuers saw some of the biggest inflows and trading volume, barring Grayscale’s GBTC, which has either seen zero flows or significant outflows since day 1.

Bitcoin ETFs record fifth consecutive day of inflow

The $129.45 million inflow on July 1 is also the highest inflow into ETFs since June 7. As BTC ETF inflows turned positive, the BTC price reclaimed $63,000 after nearly three weeks of struggling to overcome the key resistance at $62,000.

Data from the crypto research platform SoSo Value reflects that Fidelity’s ETF registered the highest inflow — 1,030 BTC worth $65 million — followed by the Bitwise ETF, with 650 BTC worth $41 million.

ARK Invest saw inflows of 205 BTC worth $13 million. BlackRock’s IBIT and Grayscale’s GBTC, the two largest spot Bitcoin ETFs by net asset value, saw zero flows on Monday.

Related: Fidelity exec says most investors should have some Bitcoin allocation

The July 1 inflows marked the fifth consecutive day of inflows for spot BTC ETFs after nearly seven days of outflows in the last week of June.

Spot BTC ETF daily flows. Source: SoSoValue

July is historically bullish for BTC

June turned out to be a bearish month for Bitcoin ETFs and the BTC price. In June, BTC ETFs recorded nine days of outflows compared to 10 days of inflows. However, the value of outflows was significantly higher than the value of inflows.

The spot BTC ETF bullish rally coincided with Monday’s BTC price surge, which saw the BTC price hit a new weekly high of $63,778.

However, the BTC price dipped below $63,000 again earlier today and is currently trading at $62,558. Although BTC’s price has recovered from its weekly low below $60,000, it is still down by over 15% from its all-time high of $73,750.

July has proven to be a bullish month historically, and with spot Ether (ETH) ETF approval just around the corner, the crypto market could see another bullish rally in the coming weeks, just like when spot BTC ETFs were approved.

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Source: Cointelegraph