Bitcoin Exchange-Traded Funds (ETFs) in the USA
recorded their largest daily inflow in nearly a month on Monday, at $129 million. This increase marks the fifth consecutive day of positive inflows and the highest daily amount since June 7. The majority of Monday's inflow went to Fidelity's Wise Origin Bitcoin Trust, which received $65 million. Bitwise's Bitcoin ETF took in $41 million, and Ark Invest's fund attracted $13 million.
Outflows from the largest Bitcoin ETFs
In contrast, the two largest Bitcoin ETFs, BlackRock's iShares Trust and Grayscale's fund, saw no inflows. The recent inflows are notable after Bitcoin ETFs struggled with nearly $1 billion in outflows in June, which correlated with Bitcoin's price drop below $20,000.
Bullish July for Bitcoin
Historically, July has been a bullish month for Bitcoin, with average returns of over 11% over the past decade and positive performance 70% of the time. Analysts suggest that if inflows into spot ETFs continue, the bullish trend could continue, supported by seasonal patterns in investor behavior around tax times. However, Bitcoin could also experience selling pressure from unlocked Mt. Gox coins. Price action will depend on whether bullish seasonality can override the bearish macroeconomic environment.
