Bitcoin ETF Inflows Positive for Record 19th Consecutive Day

By Umair Younas June 8, 2024, 9:33 am • Posted in Cryptocurrency

The exchange-traded inflow of Bitcoin has reportedly shown a consistent positive outlook. As per SpotOnChain, a famous on-chain analytics firm, the net inflow of BTC ETFs reached above $131 million on the 7^th of June. The platform took to X to provide the overall ETF market of Bitcoin and its continuous optimistic performance.

Bitcoin ETF Inflows Show a Consistent Optimistic Outlook on the 19^th Day

The analytics company pointed out that the net inflow of Bitcoin ETFs has maintained a constructive position for nineteen days. In addition to this, the platform also delved into the individual performance of the BTC ETFs. While discussing this, the company brought to the front the flat performance of some exchange-traded funds in the United States.

It asserted that six out of the ten BTC ETFs in the US experienced zero flows. However, some of the other exchange-traded funds went through significant flows. In this respect, the on-chain analytics provider disclosed the names of the popular ETFs including BlackRock and Grayscale. In the case of BlackRock (IBIT), SpotOnChain noted that the ETF kept on seeing the biggest inflow.

The top exchange-traded fund reportedly witnessed a substantial per-day inflow of up to $168 million on the 7^th of June. In this way, BlackRock has maintained its top status among the exchange-traded funds. On the other hand, the Grayscale ETF (GBTC) saw outflows after a couple of days. Despite the above-mentioned inflows, the price of the chief crypto token Bitcoin has now displayed a huge difference.

Macroeconomic Factors Keep BTC from a Price Upsurge Despite ETF Inflows

As per the market onlookers, several factors impact the price of Bitcoin other than the ETF inflows. They say that the market consists of future, spot, and options along with ETFs. Therefore, just one of these factors cannot change the scenario altogether while the other shows less response. In addition to this, the macroeconomic factors also contribute a lot to the BTC price.

The spot BTC ETFs have obtained inflows of up to 15.5B worth since their launch. However, this amount is very small according to the traders to influence prices. Moreover, the cumulative BTC supply has reportedly slumped to 54% during the last 6 months. Furthermore, some analysts think that the BTC halving effects have not yet commenced.