US Bitcoin ETFs experienced a surge in investor interest this week, with record-breaking inflows totaling $310.21 million reported on Friday, according to data from SoSo Value. This influx of funds marks the highest recorded since June 5, as investors turned to ETFs amid selling pressure triggered by the German government’s significant bitcoin movements and anticipation of Mt. Gox repayments.
Despite recent price drops in the bitcoin market, investors are seizing the opportunity to “buy the dip” through ETF investments. The overall market sentiment remains optimistic, with bitcoin’s current price still significantly higher compared to a year ago or the beginning of this year.
Analysts are closely monitoring the impact of the upcoming Mt. Gox repayments on bitcoin’s value, warning that the influx of 140,000 bitcoins into the market within the next three months could potentially drive prices down further. However, some experts argue that the market has already factored in these repayments.
Meanwhile, ETF inflows continue to show strength, with major funds attracting substantial investments. BlackRock’s IBIT fund saw $120 million in inflows, Fidelity’s FBTC received $115.1 million, Bitwise’s BITB gathered $28.42 million, Grayscale’s GBTC attracted $23.01 million, and 21 Shares and Ark Invest’s ARKB recorded $13.02 million in inflows. VanEck’s HODL, Invesco, and Galaxy Digital’s BTCO funds reported inflows below $10 million each. On the other hand, ETFs issued by Valkyrie Digital Assets, WisdomTree, Hashdex, and Franklin Templeton did not experience any significant inflows or outflows.
The total inflows for the week amounted to $1.04 billion, further boosting the cumulative net inflows since the ETFs’ launch in January to $15.8 billion. Notably, Grayscale has seen outflows totaling $18.6 billion since its inception, while all ETFs, except for Hashdex’s product, have recorded net inflows. Hashdex’s ETF has faced $2 million in net outflows thus far.
With the momentum surrounding BTC ETFs gaining steam, experts anticipate the launch of ETH ETFs by July 15. The Securities and Exchange Commission (SEC) has signaled that this development is likely to occur sometime this summer, further fueling excitement in the cryptocurrency investment space.