Bitcoin ETFs Experience Continued Growth with Record Inflows
On July 1, 2024, Bitcoin ETFs witnessed significant net inflows totalling $129 million, marking a bullish sentiment across the sector. Notably, no U.S. Bitcoin ETFs reported outflows, indicating robust investor confidence.
Fidelity’s Bitcoin ETF (FBTC) led the day with the highest single-day inflow of $65 million. In contrast, BlackRock (IBIT) and Grayscale (GBTC) reported net flows of $0, maintaining stable positions without gains or losses for the day. The trend of positive net inflows continued for five consecutive trading days, underscoring a strong market appetite for Bitcoin investments. This period of growth reflects increasing trust and interest in cryptocurrency as a viable asset class among institutional and retail investors.
Spotlight on Monochrome Bitcoin ETF
Australia’s Monochrome Bitcoin ETF (Ticker: IBTC) showcased a steady acquisition strategy, buying more bitcoins daily. From June 14 to June 27, the ETF increased its holdings from 48 to 65 bitcoins, aligning with the market’s dips and peaks.
The ETF’s assets under management (AUM) grew alongside its bitcoin holdings, starting at AUD $4,724,449.32 on June 14 and reaching AUD $5,981,088.75 by June 27. This growth trajectory indicates not only 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 continuously reflects a methodical and long-term approach to cryptocurrency investment.
