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  • Daily Inflows Into Spot Bitcoin ETF Soar to $422,670,000 in One Day To Hit a Six-Week High

Daily Inflows Into Spot Bitcoin ETF Soar to $422,670,000 in One Day To Hit a Six-Week High

July 17, 2024

New data reveals that daily inflows into spot market Bitcoin (BTC) exchange-traded funds (ETFs) have hit a six-week high.

According to data from crypto research platform SoSo Value, on July 16th, BTC ETFs saw over $422 million worth of inflows, the overwhelming majority of them coming from BlackRock’s IBIT ETF, which had a staggering $260.2 million.

Other ETFs that saw significant inflows include Fidelity’s FBTC, ARK Invest’s ARKB, VanEck’s HODL and Invesco’s BTCO, which saw $61 million, $29 million, $22 million, and $20.5 million each, respectively.

Last month, it was reported that inflows into Bitcoin from ETFs had their second-best day on record, hitting over $886 million. The highest day on record was set on March 12th, when the ETFs pulled in over $1 billion.

Bids to create ETFs based around the top crypto asset by market cap were approved by the U.S. Securities and Exchange Commission (SEC) in January after years of being denied, attracting billions of dollars to the crypto king.

The SEC was forced to reconsider its decision on spot market BTC ETFs after a judge ruled they must remain consistent after approving futures BTC ETFs.

Since being listed, Bitcoin ETFs have had over $16.5 billion worth of cumulative info, according to SoSo Value.

Bitcoin is trading for $64,500 at time of writing, a marginal decrease during the last 24 hours.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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