Bitcoin
Bitcoin ETFs See Inflows Despite Crypto Market Fluctuation
US locates Bitcoin (Bitcoin) exchange-traded funds (ETFs) witnessed an inflow of $131 million on June 7, marking 19 consecutive days of positive inflows.
This occurred even as the ARK 21Shares Bitcoin ETF (ARKB) recorded net outflows totaling 1,364 valued at around $96.84 million, leaving its total holdings at 48,939 BTC, or $3.47 billion.
According to Lookonchain, a remarkable 3,689 BTC, equivalent to $261.91 million, was added into nine different ETFs on June 7.
The influx was mainly driven by Black stonewhich added 4,896 BTC worth $347.61 million to its holdings, bringing its total to a whopping 302,540 BTC valued at $21.48 billion.
These inflows are indicative of strong investor confidence, particularly in BlackRock and Fidelity products, which overshadowed the ARK 21Shares exit. Valkyrie Bitcoin Fund (BRRR) remained neutral on July 7, while Franklin Bitcoin ETF (EZBC) also recorded zero net flows.
Over seven days, BlackRock had the best performance of all Bitcoin ETFs, recording a net inflow of 13,482 BTC over the period.
Fidelity Wise Origin Bitcoin Fund (FBTC) came in second place. It managed to mine 9,729 BTC with a market value of over $671 million.
In third place was ARKB. Despite yesterday’s drop, it still managed 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.
Following the week’s action:
- BlackRock remains the largest BTC ETF with over $21 billion worth of Bitcoin.
- Shades of gray continues with 285,651 BTC valued at around 19.7 billion
- Fidelity’s Bitcoin holdings are worth nearly $12 billion.
Since the introduction of Bitcoin ETFs In the US, as of January, these funds’ total BTC holdings now exceed 880,000 BTC, worth more than $62 billion.
Despite these ETF inflows, the price of Bitcoin has remained relatively stable, fluctuating between $68,856 and $69,544 on the last day each week. data by CoinGecko.
24-hour Bitcoin price chart | Source: CoinGecko
As can be seen in the chart above, BTC had a small drop of 0.9% in the last 24 hours, trading at US$69,465, with a market value of US$1.36 trillion. Its market dominance is approximately 51.1%.
The slight drop in Bitcoin’s price was accompanied by a more significant drop in its daily trading volume, which fell 34.81% to reach $20.9 billion.