NEW YORK, July 1, 2024 — On July 1, U.S.-based spot Bitcoin exchange-traded funds (ETFs) experienced notable inflows of $129.45 million, marking the fifth consecutive day of positive flows. This figure represents the highest daily inflow since June 7.

The approval of spot Bitcoin ETFs in the U.S. on January 10, with trading commencing the following day, initially saw significant inflows and trading volumes from major ETF issuers. However, the Grayscale Bitcoin Trust (GBTC) has not seen any new inflows or significant outflows since its conversion to an ETF.

The July 1 inflows coincided with Bitcoin's price climbing back to $63,000 after struggling for nearly three weeks to break through the $62,000 resistance level.

According to data from SoSo Value, Fidelity's Wise Origin Bitcoin Fund led the inflows with 1,030 BTC, worth $65 million. This was followed by the Bitwise Bitcoin ETF, which attracted 650 BTC, valued at $41 million. The ARK 21Shares Bitcoin ETF saw inflows of 205 BTC, totaling $13 million. In contrast, BlackRock's iShares Bitcoin Trust and GBTC, the two largest spot Bitcoin ETFs by net asset value, reported no inflows on July 1.

July 1 marked the end of a nearly week-long period of outflows for spot BTC ETFs, which had experienced nine days of outflows and ten days of inflows in June. Outflows significantly outweighed inflows throughout the month, contributing to a bearish trend for Bitcoin ETFs and the cryptocurrency itself.

The recent uptick in spot BTC ETF inflows aligns with Bitcoin's price surge, which reached a new weekly high of $63,778 on July 1. However, Bitcoin's price fell below $63,000 in early hours of July 2, trading at $62,558. Despite recovering from a weekly low below $60,000, Bitcoin remains over 15% below its all-time high of $73,750 from March.

Historically, July has been a bullish month for Bitcoin. With the anticipated approval of spot Ether ETFs potentially on the horizon, the crypto market may see further bullish momentum in the coming weeks.