Spot BTC ETFs see $295m in inflows, triggering market-wide rebound

Spot Bitcoin (BTC) ETFs in the U.S. recorded impressive inflows on July 8, triggering a market-wide bullish momentum. 

According to data provided by Farside Investors, spot BTC ETFs saw $294.8 million in net inflows on Monday — a level last seen on June 5. Data shows that most of the inflows, worth $187.2 million, came from BlackRock’s iShares Bitcoin Trust (IBIT).

IBIT is getting close to the $18 billion mark, currently at $17.92 billion, in total net inflows.

Moreover, the Fidelity Wise Origin Bitcoin Fund (FBTC) recorded $61.5 million in inflows, with its total amount reaching $9.42 billion. 

Interestingly, the third-largest inflow on July 8 came from the Grayscale Bitcoin Trust (GBTC), worth $25.1 million. 

In addition, ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB) and VanEck Bitcoin Trust (HODL) brought $11 million, $8.4 million and $1.6 million in inflows, respectively. 

Following the Monday gains, the total amount of spot BTC ETF net inflows has surpassed the $15 billion mark despite the $18.5 billion worth of outflows from GBTC, per data from Farside Investors. 

As the inflows surge, the global cryptocurrency market capitalization increased by 4.2% in the past 24 hours, reaching $2.22 trillion, according to data provided by CoinGecko. The total daily trading volume rallied by around 30% and is currently hovering around $117 billion.

The top two cryptocurrencies, Bitcoin and Ethereum (ETH), hiked by 3.5% and 5.5% respectively. BTC is trading at $57,650 and ETH is changing hands at $3,080 at the time of writing.