Spot bitcoin exchange-traded funds in the U.S. reported $21.52 million in net inflows on June 26 2024, continuing the positive streak that began the previous day.
According to data from SoSoValue, Fidelity’s FBTC led the day with the largest net inflows at $19 million. Grayscale’s GBTC was second with net inflows of $4 million, marking its first positive inflow since June 5 2024. VanEck also saw inflows of $3 million on June 26 2024.
On the other hand, Ark Invest and 21Shares’ ARKB were the only ones to record net outflows for the day, amounting to $5 million. Funds from BlackRock, Bitwise, Valkyrie, and others had no net flows.
ETFs record 2nd straight day of positive net flow
Since their launch in January 2024, spot bitcoin ETFs have accumulated $14.44 billion in net inflows and were a large reason for BTC’s record – breaking growth for 2024.
MILESTONE | #Bitcoin Hits $70,000 for the First Time in History
The recently approved U.S. spot #Bitcoin ETFs have been popular and are likely the significant driver of the cryptocurrency’s price movement.https://t.co/4aKSlbDOGy #BitcoinETF pic.twitter.com/wiU1AuLyEr
— BitKE (@BitcoinKE) March 12, 2024
However, over the past week, the leading cryptocurrency has fallen more than 6% according to CoinGecko. Overall, the global crypto market cap has slipped 4.4% in the last day, bringing its market cap to $2.24 trillion.
Bitcoin Price Has Slipped 6.6% in the Last 7 Days
Moreover, a Monday announcement that Mt. Gox creditors will start receiving repayments in Bitcoin and Bitcoin Cash next week, coincided with Bitcoin dropping below $60,000 for the first time since early May 2024, as the market projected an upcoming selling pressure.
Mt Gox consolidated 141,000 BTC, worth around $9 billion, from multiple cold wallets to a single address in May 2024.
#BITCOIN | Over 141K BTC Supply May Hit the Market as Mt Gox Prepares to Make Distributions
The defunct crypto exchange reportedly transferred over, 141K BTC, worth over $9 billion, from its cold wallets, bringing some panic to the market.
Launched in 2010, Mt. Gox quickly… pic.twitter.com/OTZMtty1pm
— BitKE (@BitcoinKE) June 20, 2024
That said, analysts say selling pressure from Mt. Gox’s newly announced repayments could be much less than market observers fear. According to Galaxy Research, a significant portion of the distributed Bitcoin may not be immediately sold, as most will likely be held by creditors due to their low-cost basis.
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