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US Bitcoin ETFs Performance Analysis

Jul 2, 2024

The performance of Bitcoin exchange-traded funds (ETFs) based in the United States has showcased a positive trajectory, although there has been a reduction in the pace of capital inflows, hinting at a decline in investor zeal towards Bitcoin (BTC).

In the recent update, on a Thursday, the 11 ETFs recorded a net inflow of $11.80 million, a dip from the $31 million inflow reported two days earlier. Nevertheless, these ETFs have maintained a strong performance overall.

Among the prominent contenders, Bitwise's BITB attracted investments totaling $8 million, while Fidelity's FBTC garnered around $7 million. Franklin Templeton's ETF noted a significant uptick in daily net inflow, reaching its highest point since mid-May with a total of $3.6 million.

Invesco and Galaxy Digital's BTCO amassed a combined total of $3 million, and Ark Invest along with 21Shares' ARKB generated $1.84 million in revenue. On the flip side, Grayscale's GBTC saw net outflows, resulting in a loss of $11.5 million, while BlackRock's IBIT stood unchanged for the fifth consecutive day, boasting a significant trading volume of $520 million.

VanEck's move of applying for a Solana Exchange-Traded Fund (ETF) on the same day caused an approximately 10% surge in the price of the Solana token. The total daily trading volume for the 11 Bitcoin ETFs on Thursday summed up to around $920 million, marking a notable decrease from the peak reached in March, which exceeded $10 billion.

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