- Spot Bitcoin ETFs recorded a second consecutive day of inflows on Wednesday.
- The ETFs witnessed $21.52 million in net inflows on June 26.
- The ETFs saw $1.1 billion in outflows between June 13 and June 24.
Spot Bitcoin Exchange-Traded Funds (ETFs) saw a second day of inflows totaling $21.52 million on Wednesday, bucking the recent trend of constant outflows, offering a potential bright spot for investors amid Bitcoin’s price struggles.
Data from SoSoValue indicates the Bitcoin ETFs extended the streak of positive inflows that began on Tuesday as BTC struggled to maintain its price above $61,000. Notably, ETF outflows totaled $1.1 billion in the seven trading sessions between June 13 and June 24, raising concerns among investors.
Ever since the approval in January, the Bitcoin spot ETFs have accumulated a total $14.4 billion in inflows, led by BlackRock’s iShares Bitcoin Trust (IBIT), which has garnered cumulative inflows of $18 billion since listing and holds $18.58 billion in net assets as of June 26, according to data from SoSoValue. However, on Wednesday, IBIT saw no net flows. Invesco Galaxy, Valkyrie, and Franklin Templeton’s offerings also stayed flat.
Fidelity’s FBTC recorded inflows of $19 million, followed by Grayscale’s GBTC with inflows of $4 million. Additionally, VanEck’s HODL also saw $3 million in inflows. The only spot Bitcoin ETF that witnessed significant outflows was ARK Invest and 21Shares’ ARKB. Over $5 million left the ETF on Wednesday.
Meanwhile, Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, failed to break above the $62,000 price level in the past 24 hours, according to data from CoinMarketCap. The cryptocurrency peaked at $61,896 only to fall to its current trading price of $60,780.
Bitcoin is down 7.22% in the past seven days amid fears of a sell-off after reports revealed that Mt. Gox would begin repaying creditors starting in July. Further, the German government moving significant BTC holdings on exchanges also added to the fear.
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