US Spot BTC ETFs observed the largest net inflows this week on Friday, recording $310.21 million, according to SoSo Value data. It also marks the largest inflows recorded since June 5, as ETF investors began pulling out of their positions due to selling pressure induced by the German government moving tremendous amounts of bitcoin and Mt. Gox repayment anticipation.
Despite bitcoin’s price dropping to prices lesser than what was seen last month, investors are returning to ETFs to buy the dip. The market remains bullish as the asset’s price is still way higher than a year ago or at the beginning of this year.
Analysts indicate that Mt. Gox repayments can lead to the value dropping further. However, some argue the market has already adjusted to the repayments. Nevertheless, 140,000 bitcoins entering the supply within the next three months look worrisome to many holders.
Still, ETF inflows are going strong. On Friday, BlackRock’s IBIT fund attracted $120 million, Fidelity’s FBTC $115.1 million, Bitwise’s BITB $28.42 million, Grayscale’s GBTC $23.01 million, and 21 Shares and Ark Invest’s ARKB $13.02 million. VanEck’s HODL and Invesco and Galaxy Digital’s BTCO funds recorded individual inflows below the $10 million mark. ETFs issued Valkyrie Digital Assets, WisdomTree, Hashdex, and Franklin Templeton did not witness inflows or outflows. No fund recorded outflows.
Friday’s inflows brought the week’s total inflow account to $1.04 billion. Since the launch of the ETFs in January, the products have recorded $15.8 billion in net inflows. Grayscale alone has been responsible for outflows worth $18.6 billion since its inception. However, every ETF except Hashdex’s product has recorded net inflows. Hashdex has recorded $2 million in net outflows so far.
As BTC ETF-related action heats up, analysts believe ETH ETFs will launch by July 15. The Securities and Exchange Commission (SEC) has stated it will occur sometime this summer.