Digital Asset Products Record $441 Million in Inflows, US Spot Bitcoin ETFs See Close to $300 Million

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Crypto prices have fallen across the board over the past month, pushing investors away and spurring large amounts of liquidations in the process. However, bitcoin’s price dropping to lows unwitnessed for months has led certain investors to take advantage of its discounted price and the prices of other cryptos, leading to $441 million flowing into crypto-related products.

Bitcoin products saw $398 million in inflows, capturing 90% of the funds invested in crypto products. US spot BTC ETFs recorded $294.9 million in net inflows on July 8, marking the highest amounts in more than a month. They saw $217.78 million on June 6.

Blackrock’s IBIT fund cleared its counterparts by witnessing the highest net inflows at $180 million, followed by Fidelity’s FBTC at $61.54 million. Grayscale’s GBTC saw $25.08 million despite being known for net outflows even when other ETFs attract funds. Bitwise’s BITB observed $11.05 million, Ark Invest and 21Share’s ARKB $8.44 million, and VanEck’s HODL $1.59 million. Other US-based ETFs recorded neither net inflows nor outflows.

The inflows clearly depict investors buying the dip and remaining bullish despite the crypto market experiencing turbulence in June, led by bitcoin’s dipping value due to Mt. Gox repayments and German government selling activity. These factors added selling pressure, causing bitcoin holders to liquidate en-masse.

CoinShares published a report detailing how investors are grabbing assets at reduced prices, expecting them to rise in value. “Bitcoin saw US$398m inflows but unusually represented just 90% of total inflows as investors chose to invest across a much broader set of altcoins.”

Regarding altcoins, it described, “Most notable of which was Solana, seeing US$16m last week, bringing year-to-date (YTD) inflows to US$57m, making it the best-performing altcoin from a flows perspective. Ethereum sentiment seems to have turned, seeing US$10m inflows, but remains the only ETP to have seen net outflow YTD.”