Markets
Bitcoin ETFs See Inflows Despite Crypto Market Fluctuations
The American Bitcoin spot (BTC) exchange-traded funds (ETFs) saw an inflow of $131 million on June 7, marking 19 consecutive days of positive inflows.
This happened even as the ARK 21Shares Bitcoin ETF (ARKB) saw net outflows totaling 1,364 valued at approximately $96.84 million, leaving its total holdings at 48,939 BTC, or $3.47 billion. dollars.
According to Lookonchain, a notable 3,689 BTC, equivalent to $261.91 million, was added to nine different ETFs on June 7.
This influx was mainly due to black rockwho added 4,896 BTC worth $347.61 million to his holdings, bringing his total to an impressive 302,540 BTC valued at $21.48 billion.
These capital inflows demonstrate strong investor confidence, particularly in BlackRock and Fidelity products, which have eclipsed outflows from ARK 21Shares. The Valkyrie Bitcoin Fund (BRRR) remained neutral on July 7, while the Franklin Bitcoin ETF (EZBC) also saw zero net flows.
Over the course of seven days, BlackRock had the best performance of all Bitcoin ETFs, recording a net inflow of 13,482 BTC over the period.
The Fidelity Wise Origin Bitcoin Fund (FBTC) came in second. He managed to collect 9,729 BTC with a market value of over $671 million.
ARKB is in third place. Despite yesterday’s drop, it still managed to generate a seven-day net inflow of 1,764 BTC, worth an estimated $121 million.
Other ETFs, including VanEck Bitcoin Trust ETF (HODL) and Valkyrie Bitcoin Fund, contributed smaller amounts, with weekly net inflows of $7.7 million and $1.5 million, respectively.
Continuation of the action of the week:
- BlackRock remains the largest BTC ETF with over $21 billion in Bitcoin.
- Shades of grey follows with 285,651 BTC valued at approximately 19.7 billion
- Fidelity’s Bitcoin holdings are worth nearly $12 billion.
Since the introduction of Bitcoin ETF In the United States, as of January, the total BTC holdings of these funds now exceed 880,000 BTC, worth over $62 billion.
Despite these ETF inflows, the price of Bitcoin has remained relatively stable, fluctuating between $68,856 and $69,544 over the past day, according to data from CoinGecko.
Bitcoin 24-hour price chart | Source: CoinGecko
As seen in the chart above, BTC saw a slight decline of 0.9% over the past 24 hours, trading at $69,465, with a market cap of $1.36 trillion. Its market dominance is around 51.1%.
The slight decline in Bitcoin’s price was accompanied by a larger decline in its daily trading volume, which fell 34.81% to $20.9 billion.