U.S. spot Bitcoin ETFs show no signs of slowing down, having recorded a sixth consecutive week of strong inflows while BTC flirts with the $120,000 mark.
According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded $2.39 billion in net inflows over the past week. This extends their inflow streak to six consecutive weeks, during which they have attracted a total of $10.5 billion into the funds.
A net inflow of $54.75 billion has been accumulated by these products since their launch. They now collectively hold $152.4 billion worth of Bitcoin, which represents approximately 6.5% of the total Bitcoin market cap.
The week from July 14-18 began with $297.4 million in net inflows on Monday. Tuesday saw $403 million, Wednesday brought $799.4 million, Thursday added $522.6 million, and Friday culminated with $363.45 million in inflows.
BlackRock’s IBIT attracted the lion’s share of net inflows over the week, bringing in $2.57 billion. Grayscale’s BTC and VanEck’s HODL followed with $41.9 million and $31 million in net inflows, respectively.
Other funds, including Bitwise’s BITB, Invesco’s BTCO, Franklin Templeton’s EZBC, and WidomTree’s BTCW, added another $35 million in combined inflows. However, outflows from Grayscale’s GBTC, ARK 21Shares’s ARKB, and Fidelity’s FBTC, which saw collective outflows of $290.8 million, partially offset these additions.
Meanwhile, $2.18 billion in net inflows were recorded by the nine spot Ethereum funds over the past week. This represents a 140% increase from the previous week and marks their strongest inflow week since launch. More importantly, these ETFs have now hit their 10th week of straight inflows that drew in over $5 billion into the funds.
The recent performance of both U.S. Market commentator Nate Geraci commented on ETF products, noting that spot BTC and ETH ETFs have now taken in nearly $25 billion this year.
While both Bitcoin and Ethereum ETFs have attracted strong institutional investment in recent weeks, their performance over the past week has been quite contrasting.
Ethereum (ETH) rose 25% over the last 7 days, returning above $3,800 for the first time since last December. On the contrary, Bitcoin’s (BTC) price fell 2.2% during the same period. Its price action remains subdued by selling pressure as traders began locking in gains around all-time highs.
Many analysts currently expect Bitcoin to tread sideways as much of the market liquidity seems to flow into altcoins, with Ethereum leadaing the charge. (See below.)
