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The U.S.-based spot Bitcoin ETF (exchange trade fund) has been in flashing form over the past few weeks, during which time it has seen a massive influx of capital. This positive trend is no surprise given the recent sentiment towards cryptocurrencies in the United States.
For example – US President Donald Trump officially signed the first crypto bill, the Genius Act, on Friday, July 18. On the same day, today’s Bitcoin ETFs saw enough green to continue their daily capital inflows.
Bitcoin ETFS hit $363 million inflows per day to close in the past week
According to the latest market data, the US Bitcoin ETF market had a total daily net inflow of $334.5 million on Friday, July 18. This round of inflow marks the 12th consecutive day of positive capital influx of investment products linked to cryptocurrencies.
Unsurprisingly, Blackrock’s iShares Bitcoin Trust (with stock ibit) saw much of its capital on Friday contributed $496.7 million worth of the day. The largest Bitcoin ETF in the assets managed continues to impress with a portfolio that is nearly $90 billion.
WisdomTree’s Bitcoin Trust (BTCW) is the only other Bitcoin ETF to record positive inflows over the past week. Data from Sosovalue shows that the exchange-traded fund posted a $3.11 million capital inflow on Friday, its first event since the series was withdrawn in late March and April.
On Friday, only five other Bitcoin ETFs recorded investor activity, including the Fidelity Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), ARK 21Shares ETF (ARKB), Bitcoin ETF (BitB) ETF (BitB) and Vaneck Bitf Bitf (Hodl). Cumulatively, the net worth of trade funds on these exchanges was $136.42 million, with the value withdrawn to the end of the week.
Source: SoSoValue
However, this round of withdrawals did not prevent Bitcoin ETF from conducting net inflows for the 12th consecutive day. Additionally, cryptocurrency-related products have released inflows of more than $2 billion in the second consecutive week, with performance of $2.39 billion in the past week.
Bitcoin Price Overview
The performance of another $20 billion in the US-based Bitcoin ETF is not happening in isolation, as it comes with a historic week and the price of Bitcoin is a historic week. The price of BTC has continued to rally over the past week, reaching $122,800, forming a new all-time high.
As of this writing, Bitcoin’s price hovers around the $118,000 level, with no significant moves in the past 24 hours. According to Coingecko, the Prime Minister’s cryptocurrency has grown by more than 12% in the past month.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured images from Istock, charts for TradingView
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