Bitcoin ETFs experienced a significant increase in net inflows on July 1, 2024, with a total of $129 million pouring into the sector, signaling a bullish sentiment. Interestingly, there were no outflows reported by any U.S. Bitcoin ETFs, indicating strong investor confidence.
Fidelity’s Bitcoin ETF (FBTC) led the way on this day, with a single-day inflow of $65 million. On the other hand, both BlackRock (IBIT) and Grayscale (GBTC) reported net flows of $0, maintaining a stable position without any gains or losses. This positive trend of net inflows continued for five consecutive trading days, highlighting a robust market appetite for Bitcoin investments. This period of growth reflects the increasing trust and interest in cryptocurrency as a viable asset class among institutional and retail investors.
In addition, Australia’s Monochrome Bitcoin ETF (Ticker: IBTC) demonstrated a consistent acquisition strategy, steadily increasing its bitcoin holdings. From June 14 to June 27, the ETF’s holdings grew from 48 to 65 bitcoins, strategically aligning with the market’s fluctuations. The ETF’s assets under management (AUM) also 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 trajectory not only indicates an increase in the number of bitcoins held but also a substantial appreciation in value, reflecting the ETF’s strategic investment approach during market fluctuations. The Australian Bitcoin ETF’s “buy the dip” strategy showcases a methodical and long-term approach to cryptocurrency investment.