Spot Bitcoin ETF marked an inflow of $301.04 million yesterday

As of July 15, 2024, Eastern Time, the net inflow into the Spot Bitcoin ETF was $301.04 million. BlackRock’s IBIT led the trend with a daily inflow of $117.25 million. Its historical net inflow is now $18.38 billion. Grayscale’s historical net outflow stands at $18.64 billion.

ArkB, Ark Invest, and 21Shares have a net historical inflow of $2.62 billion. Yesterday’s daily net inflow was $117.19 million. The Spot Bitcoin ETF’s total net asset value is approximately $56.72 billion, with an ETF Net Asset Ratio of 4.51%. The historical cumulative net inflow is $16.11 billion.

This development comes at a time when BTC is listed at $64,063.34, with a surge of 2.05% in the last 24 hours and 11.78% in the last 7 days. In the same order, there is a notable uptick in market cap and 24-hour trading volume of 2.13% and 40.01%, respectively. In recent times, the token has been down. Two factors have now been identified as its cause: the sale of seized BTC by the German government and settlement plans by Mt. Gox to the victims of the 2014 hack.

Another reason, unrelated to Bitcoin’s rapid growth over the past week, has emerged. Some analysts believe that the attack on Donald Trump has fueled the rally. It is potentially linked to the chances of getting elected as the US president. Hence, there has been a surge since the attack on him. Although these speculations are yet to be confirmed, they remain pretty firmly on the floor.

Peter Brandt, a veteran trader, has hinted that the time has come for Bitcoin to gain value. This implies the imminence of bullish momentum. Peter believes that bears are trapped with nowhere left to go. This is probably a sign that BTC has hit the lowest it could, and it is now time for the flagship crypto to rebound to a new ATH. The graph’s near-term predictions support such a movement.

BTC is expected to exchange hands at $74,394 over the next five days. A potential increase of 32.42% from the current value could lead to a listing at $85,407 amidst 5.10% volatility.

Spot Bitcoin ETFs gaining inflows bring two factors into consideration. One is an increase in investment activities. Two, crypto ETFs will eventually become the norm when they are launched. This presents a brighter picture for Spot Ether ETF.

The product is waiting for the final nod of approval and is expected to go live by the end of this month. It is important to note that this is merely a tentative timeline and could potentially experience a slight delay. The SEC is believed to be exercising extra caution in giving the green light to its Ether ETF.

It now remains to be seen how the Spot Bitcoin ETF will react in the next couple of days. That is, if it brings higher inflows or outflows, it gains traction once again.