Bitcoin ETFs see inflows despite crypto market fluctuation

These inflows are indicative of strong investor confidence, particularly in BlackRock’s and Fidelity’s products, which overshadowed the outflow from ARK 21Shares. Valkyrie Bitcoin Fund (BRRR) remained neutral on July 7, while Franklin Bitcoin ETF (EZBC) also recorded zero net flows.

Over the course of seven days, BlackRock enjoyed the best performance of all Bitcoin ETFs, registering a net inflow of 13,482 BTC in the period.

Fidelity Wise Origin Bitcoin Fund (FBTC) came in second. It managed to pull in 9,729 BTC with a market value of more than $671 million.

In third place was ARKB. Despite yesterday’s decrease, it still managed a seven-day net inflow of 1,764 BTC worth an estimated $121 million.

Other ETFs, including VanEck Bitcoin Trust ETF (HODL) and Valkyrie Bitcoin Fund, contributed smaller amounts, with weekly net inflows of $7.7 million and $1.5 million, respectively.

Following the week’s action:

• BlackRock remains the largest BTC ETF with over $21 billion worth of Bitcoins.
• Grayscale follows with 285,651 BTC valued at about 19.7 billion
• Fidelity’s Bitcoin holdings are worth nearly $12 billion.

Since the introduction of Bitcoin ETFs in the U.S. in January, these funds’ total BTC holdings now exceed 880,000 BTC, worth upwards of $62 billion.

Despite these ETF inflows, Bitcoin’s price has been relatively stable, fluctuating between $68,856 and $69,544 over the past day, per data from CoinGecko.

As can be seen in the chart above, BTC has seen a minor decline of 0.9% in the past 24 hours, trading at $69,465, with a market cap of $1.36 trillion. Its market dominance is roughly 51.1%.

Bitcoin’s slight price decline was accompanied by a more significant dip in its daily trading volume, which dropped by 34.81% to reach $20.9 billion.