Spot Bitcoin (BTC) ETFs in the U.S. saw their fifth consecutive day of inflows on July 11, with $72.1 million in net inflows as Bitcoin crossed the $59,000 mark. According to data from Farside Investors, these investment products recorded $72.1 million in positive net flows on July 11, following a positive week that started with $143.1 million in capital inflows on July 5.
BlackRock’s IBIT led the way with $72.1 million in inflows, bringing its total to an impressive $18.1 billion. Fidelity’s FBTC followed with $32.7 million in inflows, raising its cumulative inflows to $9.6 billion. Bitwise’s BITB and ARK’s ARKB also saw increases, with inflows of $7.5 million and $4.3 million respectively, enhancing their total inflows to $2.1 billion and $2.5 billion.
On the other hand, Grayscale’s GBTC experienced a withdrawal of $37.7 million, bringing its total outflows to $18.7 billion despite a brief inflow spike on July 8. Other funds like Invesco Galaxy’s BTCO, Franklin Templeton’s EZBC, Valkyrie Bitcoin’s BRRR, VanEck’s HODL, and WisdomTree’s BTCW saw no significant changes in their flow activities. However, the overall landscape for Bitcoin ETFs remains strong, with cumulative inflows at $15.5 billion according to Farside Investors’ data.
This influx into Bitcoin ETFs coincides with positive economic indicators as inflation rates in the U.S. have been decreasing for the fourth straight month. June saw a 0.1% reduction in inflation, the first monthly decrease since May 2020, showing progress in the Federal Reserve’s efforts to manage inflationary pressures. Meanwhile, Bitcoin prices have rebounded from a four-month low, surpassing the $59,000 mark on July 11, marking a 3.4% increase over the past week.
Despite potential supply pressures from Mt. Gox creditors distributing assets and the German Government selling seized Bitcoin, the capital flowing into Bitcoin ETFs has helped stabilize the cryptocurrency’s price during this uncertain period.