Spot Bitcoin exchange-traded funds (ETFs) based in the United States reported substantial daily inflows of $129.45 million on July 1, marking the fifth consecutive day of positive flows.
These ETFs, launched on January 10, began trading the following day. In their initial months, major ETF providers attracted significant inflows and traded high volumes, except for the Grayscale Bitcoin Trust (GBTC), which has experienced no inflows and notable outflows since its transition to an ETF.
On July 1, the $129.45 million inflow marked the highest since June 7. As inflows turned positive, Bitcoin’s price surged past $63,000, overcoming a key resistance level it struggled with for nearly three weeks.
According to data from the crypto research platform SoSo Value, Fidelity’s Wise Origin Bitcoin Fund led with the highest inflow, totaling 1,030 BTC valued at $65 million. Following closely was the Bitwise Bitcoin ETF, attracting 650 BTC worth $41 million. The ARK 21Shares Bitcoin ETF recorded inflows of 205 BTC valued at $13 million, while BlackRock’s iShares Bitcoin Trust and GBTC, the two largest spot Bitcoin ETFs by net asset value, reported no flows on June 1.
July 1 marked the fifth consecutive day of net inflows for spot BTC ETFs, following almost seven days of outflows in late June.
July historically proves bullish for Bitcoin, contrasting with June’s bearish performance for Bitcoin ETFs and the BTC price. The month saw nine days of outflows against ten days of inflows, with outflows surpassing inflows in value.
The recent bullish rally in spot BTC ETFs coincided with a surge in BTC’s price on Monday, reaching a weekly high of $63,778. Despite dipping below $63,000 briefly on June 2, Bitcoin was trading at $62,558 at the time of writing, having recovered from a weekly low below $60,000. However, it remains down over 15% from its all-time peak of $73,750 in March.
July traditionally emerges as a bullish period for Bitcoin, with expectations of forthcoming approval for spot Ether (ETH) ETFs potentially fueling another rally in the crypto market in the weeks ahead.