On July 1, 2024, Bitcoin ETFs saw significant net inflows amounting to $129 million, signaling a bullish trend in the sector. Remarkably, no U.S. Bitcoin ETFs reported any outflows, highlighting strong investor confidence.
$BTC #ETF Net Inflow July 1, 2024: +$129M!
• No US Bitcoin ETF saw an outflow yesterday .
• #Fidelity (FBTC) saw the largest single-day inflow at $65M.
• Both #BlackRock (IBIT) and #Grayscale (GBTC) experienced net flows of $0 yesterday.
• Overall, the net inflow…
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— Spot On Chain (@spotonchain) July 2, 2024
Fidelity’s Bitcoin ETF (FBTC) led the way with a substantial single-day inflow of $65 million. In contrast, BlackRock (IBIT) and Grayscale (GBTC) recorded net flows of $0, maintaining stable positions for the day. This positive net inflow trend has persisted for five consecutive trading days, highlighting a strong market appetite for Bitcoin investments. This period of growth underscores increasing trust and interest in cryptocurrency as a viable asset class among both institutional and retail investors.
### Spotlight on Monochrome Bitcoin ETF
Australia’s Monochrome Bitcoin ETF (Ticker: IBTC) demonstrated a consistent acquisition strategy by purchasing more bitcoins daily. From June 14 to June 27, the ETF increased its holdings from 48 to 65 bitcoins, aligning its purchases with the market’s fluctuations.
While you are scared, the Australian #Bitcoin ETF keeps on buying the dip every day. Slowly and steadily.
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— Lark Davis (@TheCryptoLark) June 29, 2024
The ETF’s assets under management (AUM) grew in tandem with its bitcoin holdings, starting at AUD $4,724,449.32 on June 14 and reaching AUD $5,981,088.75 by June 27. This growth indicates not only an increase in the number of bitcoins held but also a significant appreciation in value, reflecting the ETF’s strategic investment approach during market fluctuations. The Australian Bitcoin ETF’s “buy the dip” strategy exemplifies a methodical and long-term approach to cryptocurrency investment.