BlackRock’s iShares Bitcoin Trust led a strong daily inflow of $183.4 million, pushing US spot Bitcoin ETFs into positive territory for the week and July on track to end green.
On Thursday, BlackRock's iShares Bitcoin Trust (IBIT) saw significant inflows with $183.4 million in net assets, accounting for 78.7% of total daily inflows into US spot Bitcoin exchange-traded funds (ETFs). This influx brought the week’s overall positive momentum to a close, with ETFs recording $203.84 million in net inflows and potentially ending their fourth consecutive week in green.
The other major contributors were Bitwise's BITB at $20.7 million and Fidelity's FBTC with $15.5 million. Smaller funds also saw minor positive movements, contributing to the overall bullish sentiment among Bitcoin ETFs despite a 1.8% drop in Bitcoin’s price over the past week.
This trend contrasts with Ether (ETH) spot ETFs, which logged only $13.3 million in net inflows on Thursday but had previously seen losses for most of July after posting gains in June. ETH traded at $1,905 during this period.
The positive flow into Bitcoin ETFs comes amidst a broader market shift where July is currently seeing an overall gain of $437.8 million due to the recent inflows and following two months of significant outflows.
These movements are important as they reflect investor sentiment towards institutional acceptance and adoption of cryptocurrencies, particularly in investment vehicles like ETFs, which have historically struggled with regulatory hurdles but show increasing traction.
Traders should watch for any further shifts in market dynamics, especially if there is a large net outflow on Friday that could impact the week’s overall performance. Additionally, ongoing regulatory developments and broader macroeconomic factors will continue to influence investor behavior.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.