US-Based Bitcoin ETFs See $6.37 Million Inflow Amid Price Volatility

US-based spot Bitcoin ETFs have experienced a notable surge in investor interest over the past few weeks, marking a period of sustained inflows despite the underlying cryptocurrency's price struggles. This trend has been particularly evident in the past nine days, during which these ETFs have recorded continuous positive capital inflows.

On Friday, June 20, the US-based spot Bitcoin ETF market saw a total net inflow of $6.37 million. This performance is significant as it represents the ninth consecutive day of positive capital influx, indicating a growing demand and interest from investors. The total weekly inflow for these ETFs surpassed the $1 billion mark, although this figure is slightly lower than the previous week's performance of $1.39 billion. Nonetheless, this trend is a positive development following two weeks of nearly $300 million in outflows.

BlackRock’s iShares Bitcoin Trust (IBIT) was the standout performer on Friday, recording a net inflow of $46.91 million. This fund continues to lead in terms of net assets, reflecting its dominance in the market. Fidelity Wise Origin Bitcoin Fund (FBTC), the second-largest spot BTC ETF by net assets, posted a daily net outflow of $40.55 million on the same day, highlighting the varied performance among different ETFs.

Despite the positive performance of US-based Bitcoin ETFs, the price of Bitcoin has faced challenges in building sustained bullish momentum. Earlier this week, BTC seemed poised to reach a new all-time high but encountered bearish pressure mid-week. As of the latest data, the price of Bitcoin has fallen below the $101,500 level, reflecting a nearly 2% decline in the past 24 hours and a 4% drop over the past week. This price volatility underscores the disconnect between the performance of Bitcoin ETFs and the underlying cryptocurrency's price action.

Analysts have noted that the recent inflows into Bitcoin ETFs suggest a growing institutional interest in the cryptocurrency market, despite the price struggles. This trend could be indicative of a broader shift in investor sentiment, where long-term investment strategies are being favored over short-term price movements. The continued inflows into Bitcoin ETFs, even in the face of price volatility, highlight the resilience of the crypto market and the enduring appeal of Bitcoin as an investment asset.