The US spot Bitcoin ETFs have shown signs of slow recovery as the total inflows reached $21.52 million on June 26th, continuing the positive momentum that started on Tuesday. It is crucial to observe these inflow trends to understand the overall market sentiment towards Bitcoin ETFs.
BlackRock’s iShares Bitcoin Trust (IBIT) has not reported any new investments in the past four days. This marks a period of stagnation for IBIT, which has been on a downward trajectory with minimal inflows since June 14. The lack of inflows in an ETF signals a balance between supply and demand, resulting in no significant share adjustments.
Other spot Bitcoin ETFs, such as BITB by Bitwise, BTCO by Invesco and Galaxy Digital, and BRRR by Valkyrie, also experienced zero flows on the same day. This pattern indicates a broader trend in the market, where investors are either holding back or shifting their investment strategies.
In contrast, Fidelity’s FBTC saw the largest net inflows of the day, totaling $19 million according to SoSoValue data. After a 7-day streak of outflows from June 13 to 24, FBTC has reversed its trend and is now leading the pack among spot Bitcoin ETFs. This shift in momentum reflects changing investor sentiment towards Bitcoin ETFs.
Grayscale’s GBTC, which had not seen positive flows since June 5, attracted over $4 million in inflows on the same day. Despite its previous stagnation, GBTC is now showing signs of renewed interest from investors. Since their launch in January, Bitcoin investment vehicles have gathered $14.44 billion in net inflows, showcasing the growing popularity of cryptocurrency in the traditional investment space.
Overall, the recovery progress of spot Bitcoin ETFs remains mixed, with some funds experiencing stagnation while others show signs of renewed interest. The market dynamics surrounding Bitcoin ETFs are complex and influenced by various factors such as investor sentiment, market trends, and regulatory developments. It is essential for investors to closely monitor these trends to make informed decisions regarding their cryptocurrency investments.
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