Markets
Spot BTC ETFs See $295 Million in Inflows, Triggering Market-Wide Recovery
Bitcoin Spot (BTC) ETFs in the US saw impressive inflows on July 8, triggering a bullish momentum across the market.
According to data According to data provided by Farside Investors, spot BTC ETFs saw $294.8 million in net inflows on Monday — a level last seen on June 5. The data shows that the bulk of the inflows, worth $187.2 million, came from BlackRock’s iShares Bitcoin Trust (IBIT).
IBIT is approaching the $18 billion mark, currently at $17.92 billion, in total net inflows.
Additionally, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw $61.5 million in inflows, with its total value reaching $9.42 billion.
Interestingly, the third-largest inflow on July 8 came from the Grayscale Bitcoin Trust (GBTC), worth $25.1 million.
Additionally, the ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), and VanEck Bitcoin Trust (HODL) brought in $11 million, $8.4 million, and $1.6 million in inflows, respectively.
After Monday’s gains, the total amount of shares in sight BTC ETF net inflows surpassed the $15 billion mark despite $18.5 billion in outflows from GBTC, according to data from Farside Investors.
As inflows surge, the global cryptocurrency market cap has surged 4.2% in the past 24 hours to reach $2.22 trillion, according to data provided by CoinGecko. Total daily trading volume has increased by about 30% and currently stands at around $117 billion.
The two major cryptocurrencies, Bitcoin and Ethereum (ETH), up 3.5% and 5.5% respectively. BTC is trading at $57,650 and ETH is trading at $3,080 at the time of writing.