Bitcoin ETF

Bitcoin

Million

Spot

Daily

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 On Wednesday, July 3, 2024, the 11 US-based spot Bitcoin exchange-traded funds (ETFs) experienced a modest daily net outflow of $20.5 million,<a style="color: #0000ff;" href="https://x.com/farsideuk/status/1808708454963372085?s=46" rel="noopener noreferrer nofollow"> according to data from Farside Investors</a>. This development comes amid a notable decrease in overall trading volume.
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The day’s trading activity was characterized by minimal movement across most funds, with only two experiencing significant asset flows through their portfolio. Grayscale’s $GBTC recorded a net outflow of $27 million, which was partially offset by Fidelity Investments’ $FBTC, which saw a net inflow of $6.5 million.
Meanwhile,<a style="color: #0000ff;" href="https://sosovalue.xyz/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow"> according to data from SoSo Value</a>, the total trading volume on Wednesday was $807.87 million, marking a substantial decline from Tuesday’s $995 million. This decrease reflects a broader trend of reduced trading activity in the spot Bitcoin ETF market.
The current trading volume represents a significant drop from the market’s peak in March 2024 when daily volumes reached $8 billion to $10 billion. Despite this decline, the cumulative net inflow for these ETFs since their inception remains impressive at $14.62 billion, with a total net asset value of approximately $51.87 billion as of July 3, 2024.
Interestingly, this latest data contrasts with<a style="color: #0000ff;" href="https://defi-planet.com/2024/07/u-s-spot-bitcoin-etf-market-kicks-off-july-with-strong-gains/#google_vignette" rel="noopener noreferrer nofollow"> our report from the previous week, which indicated a strong start to July for these funds</a>. The market recorded significant inflows at the beginning of the month, with Fidelity’s $FBTC leading the charge with a $65 million inflow.
Other funds, such as Bitwise’s $BITB, Ark 21 Shares’ $ARKB, VanEck’s $HODL, Invesco Galaxy’s $BTCO, and Franklin Templeton’s $EZBC, also recorded positive flows during that period.
This fluctuation in fund flows and trading volumes highlights the dynamic nature of the spot Bitcoin ETF market as investors continue to navigate this relatively new investment vehicle in the context of broader cryptocurrency market trends.
<a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">According to CoinMarketCap,</a> Bitcoin is currently trading at $57,714.78, a 4.04% decrease from its value in the last twenty-four hours.&nbsp;
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The post <a href="https://defi-planet.com/2024/07/us-spot-bitcoin-etfs-records-20-5-million-in-net-outflows-as-daily-trading-volume-declines/" rel="noopener noreferrer nofollow">US Spot Bitcoin ETFs Records $20.5 Million in Net Outflows as Daily Trading Volume Declines</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

US Spot Bitcoin ETFs Records $20.5 Million in Net Outflows as Daily Trading Volume Declines

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