Key Takeaways
- Bitcoin spot ETFs saw $73.05 million in net inflows on June 28th.
- Bitcoin’s price remained stable despite new US macro data.
- Bitcoin spot ETFs provide a regulated investment option for mainstream investors.
Related: Bitcoin ETF Inflows Moderate After Early Week Surge
Bitcoin ETF Inflows Slow but Remain Positive
Bitcoin spot ETFs in the U.S. continued to see net inflows this week, although at a slower pace compared to earlier in the month. According to data from SoSoValue, the total net inflow for Bitcoin spot ETFs on June 28th was $73.05 million, marking four consecutive days of positive flows.
BlackRock’s IBIT ETF led the pack with a daily net inflow of $82.43 million, bringing its total historical net inflow to $17.72 billion. Ark Invest and 21Shares’ ARKB also saw a significant inflow of $42.80 million. However, Grayscale’s GBTC ETF experienced a net outflow of $27.16 million, contributing to its total historical net outflow of $18.51 billion.
Despite the continued inflows, the pace has slowed since Tuesday, when net inflows reached $31 million. On Thursday, the 11 spot Bitcoin ETFs in the U.S. saw net inflows of $11.80 million, with Bitwise’s BITB leading the way with $8 million in inflows. Fidelity’s FBTC and Franklin Templeton’s spot Bitcoin ETF also reported notable inflows of $7 million and $3.6 million, respectively.
The total net asset value of Bitcoin spot ETFs currently stands at $52.12 billion, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 4.39%. The historical cumulative net inflow has reached $14.52 billion.
Bitcoin Price Remains Stable Despite Macro Data
Bitcoin’s price has remained relatively stable in recent days, despite the release of the latest U.S. macro data. The Personal Consumption Expenditures (PCE) Index, the Federal Reserve’s preferred inflation gauge, showed a 2.6% year-on-year increase, the lowest reading since March 2021.
While the PCE data came in as expected, Bitcoin and altcoins barely moved in response. Trader Skew noted that the U.S. market will likely focus on the potential for a September rate cut by the Federal Reserve and how it would impact various industries.
Despite the stable price action, some traders are expressing concern about the strength of Bitcoin’s support below $60,000. Rekt Capital, a popular trader and analyst, noted that Bitcoin’s daily close below the bull flag top means it is still sentenced to additional consolidation within the pattern. However, he added that the price is only one daily close above the bull flag top away from a breakout.
Material Indicators, a trading resource, also highlighted that the bid support below $60,000 is thinning, with a block of Bitcoin bid liquidity moving up to $60,000. The firm expects more volatility leading up to and through the monthly close.
Despite these concerns, Bitcoin’s price has remained relatively stable, trading around the $61,000 range after the Wall Street open on June 28th.
