BTC Spot ETFs Hits $65M Net Inflow as Bullish Trend Continues for 6th Day

• BlackRock’s Bitcoin ETF now commands $21 billion in net assets.
• Grayscale’s Bitcoin ETF outflows now total $19.7 billion; its Ethereum ETF outflows total over $2.5 billion.
• BTC has pushed above the $60,000 resistance level.

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) have reached their 6th day of inflows as bullish sentiment returns to the crypto markets.

Bitcoin ETFs

According to data provided by  SoSoValue, Bitcoin ETFs recorded $64.91 million in net inflows for Aug. 22, marking day 6 of their modest inflow streak.

Up top is BlackRock’s iShares Bitcoin Trust (IBIT) with $75.49 million, bringing its cumulative net inflow to $20.62 billion.

That’s more than double that of Fidelity’s Wise Origin Bitcoin Fund (FBTC), which added a modest $9.23 million in net inflows yesterday. FBTC has seen $9.83 billion in cumulative net inflows to date.

ARK 21Shares’ Bitcoin ETF (ARKB) captured $7.83 million of inflows, followed by WisdromTree’s Bitcoin Trust (BTCW) with $4.8 million. Grayscale’s newly launched Bitcoin Mini Trust posted $4.01 million in inflows.

Making a rare appearance is the VanEck Bitcoin ETF (HODL), which, after nine days of neutrality, has bagged a handsome $3.41 million in net inflows. This brings the fund’s cumulative net inflows to $585.38 million.

Outflows and Exits

The Bitwise Bitcoin ETF (BITB) saw its eighth day of exits so far this month, shedding $11.5 million from its fund. With $2.26 billion in net assets, BITB has experienced a slight decline in cumulative net inflows through Aug. 2024.

However, it remains one of the most successful BTC ETFs on the market. The same cannot be said of the Grayscale Bitcoin Trust (GBTC), which posted $28.36 million in net outflows.

Since its launch, GBTC has shed $19.7 billion in net outflows and hasn’t seen a day of inflow since July 19. Since then, it has posted two days of neutral flows and 21 days of outflows.

This trend isn’t unique to GBTC. In fact, the Grayscale Ethereum Trust (ETHE) has seen $2.52 billion in net outflows, and that’s within less than a month of launching.

Bitcoin (BTC) Price

Bullish sentiment appears to be returning, especially now that Bitcoin is steadily trading upwards and is back above $60,000.

This follows one of the most dramatic crashes in Bitcoin at the beginning of August when Bitcoin’s market cap dropped from $1.3 trillion to $983 billion in less than a week.

Naturally, this prompted a brief sell-off across the BTC ETF market, which saw three days of outflows totaling more than $500 million between Aug. 2 and Aug 6. Bitcoin is returning to its former self as its price now stands at $61,047, with a market cap of $1.21 trillion.

About the Author

Eddie Mitchell

Eddie has been writing news and content primarily for crypto news and industry players over the past seven years. With an eye for the bigger picture, Eddie prefers to investigate the broader implications of a story, as well as explore the weird and wonderful world of crypto. He believes blockchain has already changed the world, but observes the space overall with a skeptical and adoring eye.

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