Franklin

Bitcoin ETF

Spot

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<p dir="ltr">Wall Street investors are beginning to warm up to spot Bitcoin ETF products once again as the product is seeing a five-day net inflow streak.&nbsp;<a href="https://m.sosovalue.com/assets/etf/us-btc-spot">According</a> to data from SoSoValue, the spot Bitcoin ETF product recorded $129.5 million in net inflow as of July 1.</p>
<h2 id="major-shift-coming-for-bitcoin-through-etfs">Major shift coming for Bitcoin through ETFs</h2>
<p dir="ltr">The Bitcoin ETF market is undoubtedly one of the most dynamic in the broader financial ecosystem. Overall, the market has welcomed unexpected milestones that have pitched it as a better alternative to mainstream, traditional finance funds.</p>
<p dir="ltr">Per SoSoValue, the total value traded comes in at $1.36 billion. Fidelity Investments’ FBTC led the inflow with a total of $65 million raked in. Following closely is Bitwise’s BITB, which raked in $41 million in net inflow.&nbsp;</p>
<p dir="ltr">Other ETF products with inflows include Ark 21Shares’ ARKB, with minor inflows coming from Invesco Galaxy, Franklin Templeton and VanEck. With this latest round of capital injection, the duo of&nbsp;<a href="https://u.today/blackrock-bitcoin-etf-surpasses-rivals-as-this-crucial-metric-hits-new-record">BlackRock</a> and Grayscale Investments missed out as neither recorded any flow.</p>
<p dir="ltr">Based on its historical records, inflows are a bullish trend, and as of the July 1 data, more than 2,061 Bitcoin have been acquired or temporarily taken out of circulation. This is a major boost for price growth, which might change the direction of BTC for the rest of July.</p>
<h2 id="can-bitcoin-retest-70-000">Can Bitcoin retest $70,000</h2>
<p dir="ltr">Since Bitcoin recorded an all-time high (ATH) above the $73,000 mark, it has struggled to retest this level. The&nbsp;<a href="https://u.today/bitcoin-etfs-continue-bleeding-140-million-outflow-registered">erratic flow</a> in and out of spot Bitcoin ETFs might have contributed to this stalemate, a trend that is on track to change considerably.</p>
<p dir="ltr">At the time of writing, the price of Bitcoin is pegged at $62,496.83, up 2.23% in 24 hours. Despite this uptick, there is significant volatility that suggests the $62,000 support is not completely formed yet.</p>
<p>Market leaders are&nbsp;<a href="https://u.today/tom-lee-still-thinks-bitcoin-is-going-to-hit-150000-this-year">optimistic about a rally soon</a>, and the ongoing inflow streak into its ETF might push it to $70,000 this month.</p>

Spot Bitcoin ETFs Pulling off Unexpected Inflow Streak

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