Bitcoin ETFs See Best Weekly Inflows Since May
Bitcoin ETFs took in $882 million in the week ended July 11
Inflows came after Bitcoin price dipped to its lowest since the February rally.
BTC on ETFs recent surge flow
Spot Bitcoin ETFs took in $882 million during the week ended July 11, with an average of $175 million coming in per day, according to JPMorgan data#BTC #ETFs pic.twitter.com/GTckCMTzGZ
— The_Journalbiz (@the_journalbiz) July 12, 2024
J&P Morgan chart
After the price of the world’s largest cryptocurrency dropped to its lowest level since February a week ago, dip buyers returned in a big way to give Bitcoin exchange-traded funds their best inflows in more than a month.
Spot Bitcoin ETFs took in $882 million during the week ended July 11, with an average of $175 million coming in per day, according to JPMorgan data. That’s the most inflows since the period ended on May 23.
Bitcoin funds of BlackRock and Fidelity led the surge, taking in $403 million and $361 million, respectively. Meanwhile, Grayscale’s ETF continued its streak of bleeding cash and lost almost $87 million.
This was the second consecutive period of fund growth, with the prior week scoring $166 million of inflows. That broke three weeks of outflows that saw Bitcoin ETFs lose over $1.1 billion.
