Spot Bitcoin ETFs in the U.S. Reported $21.52 Million in Net Inflows on June 26 2024

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.

Spot bitcoin exchange-traded funds in the U.S. reported a net inflow of $21.52 million on June 26, 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. VanEck also saw inflows of $3 million on June 26.

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.

Since their launch in January, spot bitcoin ETFs have a total net inflow of $14.44 billion and were a large reason for BTC’s record-breaking growth for 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.

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, 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.

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.