In a landmark day for the cryptocurrency market, spot Bitcoin exchange-traded funds (ETFs) based in the United States have witnessed a staggering influx of over $310 million on July 12, marking their most substantial single-day performance since June 5.
According to data from Farside Investors, leading the charge were BlackRock’s iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin Fund, attracting $120 million and $115.1 million, respectively. The Bitwise Bitcoin ETF followed with $28.4 million, while the Grayscale Bitcoin Trust reported a rare $23 million inflow. The VanEck Bitcoin Trust ETF and Invesco Galaxy Bitcoin ETF also saw significant inflows of $6 million and $4 million, respectively.
This surge comes on the heels of a week where these funds collectively amassed $1.04 billion since Monday, July 8, underscoring a sustained investor appetite despite recent market volatility.
Since their inception just over six months ago, US spot Bitcoin ETFs have now accumulated a substantial $15.8 billion in net inflows, excluding outflows from Grayscale’s flagship Bitcoin product, which underwent conversion into spot form earlier this year following SEC approval.
Despite Bitcoin’s modest 1.1% gain in the past 24 hours, trading at $57,858 according to CoinGecko, the cryptocurrency has faced a challenging month, down nearly 15% and 21% from its recent peak.
Looking ahead, attention now turns to potential launches of spot Ether (ETH) ETFs, expected as early as July 15 pending SEC approval of amended S-1 registration statements. Issuers are optimistic following initial feedback in late June, setting the stage for further developments in the burgeoning crypto ETF landscape.
