Bitcoin ETFs are on a hot streak.
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Key Takeaways
BlackRock’s BTC ETF has seen almost $21 billion in cumulative net inflows.
Bitcoin ETFs have seen cumulative net inflows of over $18 billion.
The price of BTC is up 3.3% in the past seven days.
U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) are on a roll as they reach day eight of consecutive net inflows amid an overall market recovery.
Bitcoin ETFs
As per data from SoSoValue, Bitcoin ETFs have bagged $202.51 million on day eight of their renewed inflow streak.
Bitcoin ETF flows. Source: SoSoValue
Steaming ahead of the competition, BlackRock’s iShares Bitcoin Trust (IBIT) secured a whopping $224.06 million, raising the funds’ cumulative net inflows to $20.93 billion.
Surprisingly, the Franklin Templeton Digital Holdings Trust (EZBC) is in second place, having captured a modest $5.52 million in net inflows. This raises the funds’ cumulative net inflows to $394.95 million, ranking it seventh amongst its competitors.
Finally, the WisdomTree Bitcoin Trust (BTCW) posted $5.06 million in net inflows. Though this may seem insignificant, BTCW has seen some of the lowest inflow rates of any fund and netted most of its cumulative net total in early Aug. when it secured just over $118 million to its fund.
It’s also a rather significant day as now BTC ETFs have seen cumulative net inflows of $18.08 billion. This raises the total net assets to a whopping $58.47 billion, almost 5% of Bitcoin’s market cap.
Outflows Up Top
In a peculiar turn of events, some of the best-performing Bitcoin ETFs have recorded relatively small outflows. To begin with, the Bitwise Bitcoin ETF posted $16.61 million in outflows from its fund, which has seen over $2 billion in cumulative net inflows since launching.
Similarly, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw a small outflow of $8.33 million. FBTC is the second-best performing fund with $9.88 billion in cumulative net inflows. Finally, the VanEck Bitcoin ETF (HODL) saw its first days of outflows in almost a month, shedding $7.18 million from its fund.
Bitcoin (BTC) Price
Over the weekend, the crypto king BTC showed markets that it has plenty of fight left in it and made a significant break past the $60,000 resistance level.
Pushing up towards $65,000, BTC bulls briefly held the price above $64,000. However, Monday’s traders were seemingly eager to offload at this price, and BTC has since receded back to around $62,800.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
