Bitcoin Spot ETFs Rally Reaches 10th Day: Pulls in $84 Million in Net Inflows

• BlackRock’s IBIT commands $20.92 billion in net assets, and Grayscale’s GBTC is down to $17.57 billion.
• U.S. Bitcoin ETFs have accumulated $2 billion in net inflows in the last ten days of trading.
• The previous streak record was 19 days, drawing over $4 billion in inflows.

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have seen their tenth consecutive day of positive net inflows.

Although inflow figures have dropped to the tens of millions, consistent institutional appetite is seemingly driving crypto market prices upwards.

Bitcoin ETF Inflows

As per data  from Farside Investors, U.S. spot BTC ETFs netted a modest $84.8 million on July 18 amid a 10-day inflow streak which has seen funds draw just over $2 billion.

Inflows were notably lower than recent entries, with only three of the eleven funds recording net positive inflows. Nevertheless, BlackRock’s iShares Bitcoin Trust (IBIT ) secured a solid $102.7 million, the Fidelity Wise Origin Bitcoin Fund (FBTC) bagged $2.8 million, and the VanEck Bitcoin Trust (HODL) tallied a humble $1.8 million of net inflows.

U.S. Bitcoin ETFs opened the week with over $301 million in inflows, following the previous Friday’s $310 million inflows. On Tuesday, they garnered another $422 million. Once again, the Grayscale Bitcoin Trust (GBTC) lost $22.5 million in outflows.

Inflows Cooling Off?

The trend may have lost some of its momentum. On Wednesday, July 17, funds recorded total inflows of $53 million.

There were only two gainers: BlackRock’s IBIT, with inflows of $119.4 million, and FBTC, which gained $2.8 billion. Meanwhile, the Bitwise Bitcoin ETF (BITB) saw outflows of $6 million, as did GBTC, with outflows of $53.9 million after two days of neutral flows.

While some think Bitcoin ETFs are cooling off, GBTC  outflows remain consistent, dragging its net asset total down to $17.57 billion. Meanwhile, IBIT continues to climb and is now pushing toward $21 billion in net assets.

Ethereum ETF Anticipation?

The previous inflow streak record was set between May 13 and June 7, 2024, when Bitcoin ETFs experienced 19 days of consecutive positive inflows. According to SoSoValue data , funds drew inflows of over $4 billion during this period.

So far, during this current ten-day steak, inflows have totaled approximately $2 billion, though whether or not it can maintain this momentum is yet to be seen. The strong inflows aligned with BTC rebounding  from the mid-$50k range and have since climbed around 12$ in the last week to a sturdy price of $64k.

Heightened inflows also come as investors prepare for spot Ethereum (ETH) ETFs to – potentially– be approved over the weekend and begin trading as early as Tuesday, July 23, an event that could spark yet another wave of bullish sentiment in retail markets.