The recent development in the spot ETF market of Bitcoin has raised significant optimism. As per Spot On Chain, a popular on-chain analytics company, the BTC spot ETFs have commenced the new month with remarkable fund inflows of up to $129 million. This is a very significant amount because the number was mostly negative for the last 2 weeks. Inflows were rare and were in two-digit numbers. The platform took to its official X account to disclose the performance of individual ETFs in this respect.
Bitcoin Spot ETFs See $129M in Inflow at the Start of July
Spot On Chain pointed out that the 1st of July also made a momentous achievement in terms of outflows. Hence, none of the BTC ETFs witnessed any outflows. The respective move also points toward the potential progress in the upcoming days. While discussing the individual ETFs, Spot On Chain noted that Fidelity witnessed the biggest one-day inflow.
According to the analytics provider the FBTC exchange-traded fund effectively occupied the place of the biggest inflow-generating ETF on July 1. Nonetheless, a couple of well-known ETFs did not see the respective development. The analytics provider asserted that Grayscale (GBTC) and BlackRock (IBIT) added $0 in terms of net inflows on the same day.
The Overall Net Inflows Maintain Positivity for 5 Trading Days
On the other hand, ARKB gained inflows of up to 13 million worth. Apart from that, the ETF HODL incorporated 5 million worth of inflows. Therefore, Spot On Chain revealed that the overall net inflow of the BTC spot ETFs stands at a positive point. It also brought to the front that the ETFs have maintained this momentum for up to five trading days consecutively.
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As the price of Bitcoin is mainly drive by supply and demand, this surge in ETF inflows suggests that traders are confident and bulls are returning to the game. We may see the price of BTC surge this week if there are more ETF inflows in the coming days.