The Bitcoin Exchange-Traded Fund (ETF) market is experiencing a significant increase in inflows despite challenges in the broader market. The recent data shows that all Bitcoin ETF products received $143.1 million in new investments on a single Friday, marking a notable recovery and the highest figure in the past two weeks. Fidelity's FBTC led the way with $117.4 million in net inflows, followed by Bitwise's BITB with $30.2 million and VanEck's HODL with $12.8 million. Ark Invest's Bitcoin ETF (ARKB) secured the fourth position with $11.3 million in net new money. Conversely, Grayscale Investment's GBTC faced outflows of $28.6 million, while issuers like BlackRock, Invesco Galaxy, Franklin Templeton, Valkyrie, and Wisdom Tree saw no net inflows in their Bitcoin ETFs.
Although the $143.1 million inflows are significant, they fall short of past records. In June, Bitcoin spot ETFs attracted inflows of $1 billion, leading to increased demand for cryptocurrencies such as Bitcoin Cash (BCH) and Rollblock (RBLK). It is worth noting that the surge in ETF net inflows coincided with Bitcoin trading at a higher value. Furthermore, spot Bitcoin ETFs surpassed gold ETFs' performance in early June, demonstrating a stronger upward movement. Ripple Labs Inc.'s CEO, Brad Garlinghouse, highlighted the rapid growth of BlackRock's IBIT, which doubled its assets in just five months post-launch.
Regarding Bitcoin's current price movement, it has experienced a 0.6% decline in the past 24 hours, settling at $57,109. The trading volume surged by 35.8% to $28 billion, while the market capitalization remains at $1.1 trillion. This slight recovery comes after a drop from nearly $61,000 to under $54,000 within a few days. Over the week, Bitcoin saw an 8.9% decline and a 23% slump from its mid-March All-Time High of $73,500. The primary reason behind this price decrease was concerns about a potential increase in supply. The announcement by trustees of the defunct Mt.Gox exchange to return 137,890 BTC to creditors raised fears of a sell-off that might diminish Bitcoin's value if supply surpasses demand. Another factor contributing to the supply surge worries was the transfer of 282.74 BTC by the German government to the Bitstamp exchange, intensifying concerns that uncontrolled supply could outstrip demand without appropriate measures.
