NEW YORK, August 09, 2024 — Spot Bitcoin ETF prices continued to rise on Friday, following their first inflows of the week as Bitcoin surged above $60,000. On Thursday, spot Bitcoin ETFs recorded $194.6 million in inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the way with $157.6 million. The WisdomTree Bitcoin Fund (BTCW) saw an increase of $118.5 million, while the Fidelity Bitcoin Trust (FBTC) and the ARK 21Shares Bitcoin ETF (ARKB) had inflows of $65.2 million and $32.8 million, respectively.

However, these gains were partially offset by $182.9 million in outflows from the Grayscale Bitcoin Trust (GBTC). On Wednesday, spot Bitcoin ETFs saw $45.1 million in inflows, with BlackRock’s iShares Bitcoin Trust contributing $52.5 million, despite $30.6 million in outflows from GBTC. The WisdomTree Bitcoin Fund generated $10.5 million in inflows, and the Bitwise Bitcoin ETF (BITB) saw $3 million in inflows. Grayscale’s Bitcoin Mini Trust (BTC), which launched on July 31, had $9.5 million in inflows. Other spot Bitcoin ETFs remained flat on Wednesday.

Prior to Wednesday’s uptick, spot Bitcoin ETFs had experienced $554.4 million in outflows over the preceding three trading days, including $237.4 million on August 2. Since their launch on January 11, spot Bitcoin ETFs have accumulated $17.43 billion in inflows, with the iShares Bitcoin Trust leading at $20.3 million. However, these gains have been offset by $19.37 billion in outflows from GBTC.

Bitcoin Rebound

Bitcoin climbed to $62,622 early Friday after falling to $49,000 during Monday’s market sell-off. According to JPMorgan, the recovery was largely driven by institutional investors, who minimized their de-risking activities in Bitcoin futures during the crash. JPMorgan’s futures-position indicator, which monitors open interest in CME Bitcoin futures contracts, reflects a positive outlook from institutional investors. Additionally, the premium of Bitcoin futures over spot prices suggests strong confidence from futures investors.

Morgan Stanley also began allowing its financial advisors to recommend the iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin Fund on Wednesday, making it the first major Wall Street firm to actively promote Bitcoin funds to clients. Other firms like Merrill Lynch, UBS, and Wells Fargo only offer these funds upon client request.

Bitcoin Price Action

Bitcoin traded around $60,600 on Friday morning, marking a 5.5% increase over the past 24 hours. It had jumped about 8.5% on Thursday, reaching approximately $59,550, its largest percentage gain since March 13, 2023, when Bitcoin rose 15.6%. Bitcoin is up 44% in 2024 and reached a high of $73,798 in March.

Spot Bitcoin ETFs saw an 8.6% rise on Thursday, with shares advancing another 2% early Friday. Bitcoin miner Marathon Digital (MARA) surged 9.8% on Thursday, CleanSpark (CLSK) climbed 10.4%, and Hut 8 (HUT) spiked 11.6%, with modest gains continuing on Friday morning.