Bitcoin (BTC) ETF, Fund Outflow Finally Ends..."Fidelity Drives Inflow"

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U.S. spot Bitcoin (BTC) ETFs recorded a net inflow of $221.7 million in one day, breaking a 10-consecutive trading day streak of fund outflows, creating a reversal signal for frozen institutional demand.

According to cryptocurrency media outlet Cointelegraph on July 3 (local time), U.S.-listed spot Bitcoin ETFs recorded a net inflow of $221.7 million on Thursday. This is the first time since early May that the daily net inflow has exceeded $200 million. This effectively halted the net outflow trend that had seen over $2.7 billion exit over the past 10 trading days.

This rebound comes after the weakest ETF performance of the year. U.S. spot Bitcoin ETFs recorded a record net outflow of $4.5 billion in June. As Bitcoin recovered to the $61,000 level after briefly falling below $59,000, it is interpreted that some funds, characteristic of bargain hunting, have returned.

The product that led the inflows was the Fidelity Wise Origin Bitcoin Fund (FBTC). FBTC recorded a net inflow of $166 million on Thursday, accounting for approximately 75% of the total net inflow for the day. ARK 21Shares Bitcoin ETF (ARKB) attracted $91.8 million, VanEck Bitcoin ETF (HODL) $4.4 million, and Valkyrie Bitcoin Fund (BRRR) $1.7 million.

On the other hand, the largest spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), still could not avoid fund outflows. IBIT recorded a net outflow of $40.4 million on Thursday and has continued net outflows for 11 consecutive trading days since June 17, with over $2.2 billion exiting. The continued outflow from BlackRock's product despite the market-wide shift to net inflows signals that institutional demand recovery is not yet comprehensive.

Fund inflows were not limited to Bitcoin. U.S. spot Ethereum (ETH) ETFs recorded a net inflow of $29.1 million on Thursday, following a net inflow of $14.9 million the previous day. XRP ETFs also turned to a net inflow of $6.6 million after two consecutive trading days of net outflows. The global cryptocurrency market cap increased by 2.4% over the past 24 hours to $2.2 trillion, with Bitcoin recovering above $61,000.

Fear sentiment still weighs on the market. Alternative.me's Fear & Greed Index pointed to the "extreme fear" zone on Friday. However, the halt of 10 consecutive trading days of outflows and the return of over $200 million, mainly led by Fidelity, remains a signal that the Bitcoin spot ETF market has begun to test bottom-level demand.

[Article Key Summary]

-U.S. spot Bitcoin ETFs recorded a net inflow of $221.7 million on Thursday, breaking a 10-consecutive trading day streak of net outflows.

-FBTC accounted for approximately 75% of the total inflow with a net inflow of $166 million, but $40.4 million exited from IBIT.

-Spot Ethereum ETFs recorded a net inflow of $29.1 million, and XRP ETFs recorded a net inflow of $6.6 million, indicating that altcoin ETFs also joined the fund recovery trend.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*