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Five Consecutive Days of Inflows, July Historically Bullish for Bitcoin
United States-based spot Bitcoin exchange-traded funds (ETFs) experienced notable daily inflows of $129.45 million on July 1, marking the fifth consecutive day of positive inflows.
Spot Bitcoin ETFs in the U.S. were approved on January 10 and began trading the following day. In the initial months, major ETF issuers saw substantial inflows and trading volumes, except for the Grayscale Bitcoin Trust (GBTC), which has observed zero inflows or significant outflows since its conversion to an ETF.
The $129.45 million inflows on July 1 represent the highest since June 7. As these inflows turned positive, the price of Bitcoin reclaimed $63,000 after nearly three weeks of struggling to surpass the key resistance level of $62,000.
Data from the crypto research platform SoSo Value reveals that Fidelity’s Wise Origin Bitcoin Fund registered the highest inflow, receiving 1,030 BTC worth $65 million. This was followed by the Bitwise Bitcoin ETF, which saw an inflow of 650 BTC worth $41 million. The ARK 21Shares Bitcoin ETF had inflows of 205 BTC worth $13 million. However, BlackRock’s iShares Bitcoin Trust and GBTC, the two largest spot Bitcoin ETFs by net asset value, saw no flows on Monday, July 1.
July 1 marked the fifth consecutive day of net inflows for spot Bitcoin ETFs, following nearly a week of outflows in the last week of June.
June was a bearish month for Bitcoin ETFs and the BTC price, with spot Bitcoin ETFs recording nine days of outflows and ten days of inflows. The value of outflows was significantly higher than that of inflows throughout the month.
The recent bullish rally in spot Bitcoin ETFs coincided with a price surge, reaching a new weekly high of $63,778 on Monday. However, Bitcoin dipped below $63,000 again early on July 2, trading at $62,558 at the time of writing. Although BTC’s price has recovered from its weekly low below $60,000, it remains down over 15% from its all-time high of $73,750 in March.
Historically, July has been a bullish month for Bitcoin. With the potential approval of spot Ether ETFs on the horizon, the crypto market could witness another bullish rally in the coming weeks.
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