Key Points
- Bitcoin ETFs recorded $131 million in inflows on June 7.
- This was the 19th consecutive day of consistent inflows.
According to the latest reports coming from SoSoValue, Bitcoin ETFs recorded total inflows of $131 million on June 7.
This marked the 19th consecutive day in which the crypto products recorded consistent inflows.
Here are the inflows and outflows in Bitcoin ETFs from June 7:
- Grayscale’s Bitcoin ETF, GBTC, recorded outflows of $36 million.
- BlackRock’s Bitcoin ETF, IBIT, saw inflows of $168 million.
- Ark Invest and 21Shares’ Bitcoin ETF recorded $7 million in inflows.
- Bitcwise’s Bitcoin ETF, BITB, saw $8 million in outflows.
The other Bitcoin ETFs did not see any inflows or outflows the other day.
The total net asset value of the Bitcoin ETFs was $61.1 billion, according to the same data.
Since their launch back in January 2024, Bitcoin ETFs have seen inflows of $15.69 billion. This is definitely a recovery from a standstill in April and May, but it is still lower than the peak in March.
According to new reports, the amount still has room to grow even more, to significantly impact Bitcoin’s price.
For instance, Cane Island Alternative Advisors founder Timothy Peterson recently said that there are still no spot Bitcoin ETFs in the UK or Japan which are two major markets, and there is still room to grow.
Bitcoin is trading above $69k
At the moment of writing this article, BTC is trading above $69k, following a drop in price from June 7.
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The other day, the price of BTC dropped below $69k, ahead of a rapid recovery.
There have been a lot of optimistic predicitons about the price of Bitcoin recently, despite the fact that some traders were wondering why the coin’s price remains bound to current levels if BTC ETFs see such success.
Bloomberg’s Eric Balchunas shared a post on X in which he explained his opinion when he was asked about the reason why BTC is still range-bound.
Balchunas responded that this is not ETFs’ doing, because it’s more than obvious that they are “buying like crazy” lately. He believes that this is Bitcoin holders selling or leveraging flushers.
