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Bitcoin spot ETF traders have been buying the dips after the recent market crash. Per SoSo Value, the total net inflow of these ETFs was $216 million on July 9. BlackRock’s IBIT outshined the market as it witnessed a single-day net inflow of $121 million. Its cumulative net inflow currently stands at around $18.05 billion.
Meanwhile, Fidelity’s FBTC secured a single-day net inflow of over $90 million. Moreover, it has a cumulative net inflow of $9.51 billion. Other Bitcoin spot ETFs also secured significant inflows during this time.
However, one player on the market is still seeing the negative trend. Grayscale’s GBTC saw a single-day outflow of around $37 million. Moreover, its cumulative net outflow is currently at a whopping $18.62 billion. This shows that investors have been favoring other Bitcoin ETFs over GBTC.
Overall, the Bitcoin spot ETF market has a cumulative net inflow of $15.27 billion. The most bullish thing is that it has $50.79 billion in total net assets, as of July 9. Surprisingly, this equates to 4.45% of the total Bitcoin market capitalization as of now. This means that these ETFs have started to dominate the market since their approvals in January of this year.
What does this mean for Bitcoin price?
The rising inflows for Bitcoin spot ETFs have proven to be a good sign for the price of BTC. The market has witnessed so far that the BTC price mirrors the trend on the spot ETF market. With this latest surge in inflows, it is expected that the price of Bitcoin may gain momentum and recover from recent losses.
As of writing time, BTC is trading at $58,445. Its price has increased 1.48% over the last day. While this is not a huge jump, it is still a good sign for the crypto market. This minor price jump is showing that Bitcoin is eyeing a price recovery after the recent crash in the broader crypto market.
Dan Burgin
Tomiwabold Olajide