Bitcoin ETF snapshot: Fidelity fund hits $10B milestone amid big inflow week
Investors add to crypto positions after “turnaround in sentiment due to lower-than-expected CPI,” CoinShares research head says
![article-image](/_next/image?url=https%3A%2F%2Fblockworks-co.imgix.net%2Fwp-content%2Fuploads%2F2024%2F07%2Ffidelity.jpg&w=1920&q=75)
Poetra.RH/Shutterstock modified by Blockworks
Bitcoin funds in the US raked in more than $1 billion in assets last week, marking a weekly total the category has rarely hit in recent months.
It’s the segment’s highest weekly inflow amount since the period of June 3 through June 7, during which $1.8 billion entered the funds.
Net inflows for the 10 US spot bitcoin funds tracked by Farside Investors now stand at $15.8 billion since launching in January.
“We believe price weakness due to the German government bitcoin sales and a turnaround in sentiment due to lower-than-expected CPI in the US prompted [investors] to add to positions,” CoinShares research head James Butterfill wrote in a Monday report.
Read more: On the Margin Newsletter: Crypto may seem down, but here’s why analysts remain optimistic
Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) fund hit the $10 billion assets under management milestone last week, becoming just the third such offering to reach that level.
BlackRock’s iShares Bitcoin Trust (IBIT) leads the BTC fund sector with $18.2 billion. The Grayscale Bitcoin Trust ETF (GBTC) — with nearly $30 billion in assets when it converted to an ETF and bleeding $18.6 billion since then — stands at about $15.7 billion.
FBTC’s $358 million of net inflows from July 8 to July 12 was second only to IBIT’s $523 million. About $35 million of investor capital left GBTC.
Read more: Bitcoin ETF Tracker
Friday was the sixth straight day of net inflows into US spot bitcoin funds — the first such streak since a 19-day inflow streak snapped on June 7.
Fineqia International analyst Matteo Greco noted in a Monday research note that the bitcoin ETFs — with about $51 billion in combined assets — now hold roughly 4.5% of the total BTC supply.
Despite the latest outflows, he added, trading volumes remain below average (but rather high for July) — totaling nearly $7 billion for the week.
Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.
Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.
The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.