Spot Bitcoin ETF Gets $790 Million in Net Inflows in June Even as Bitcoin Falls

Bitget2024/07/02 22:05

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Spot bitcoin ETFs received $790 million in net inflows in June, even as the price of bitcoin fell 7%. blackRock's iShares Bitcoin Trust (IBIT) continues to be the largest bitcoin fund, with more than $1 billion in inflows, offsetting Grayscale Bitcoin Trust's (GBTC) huge outflows. By comparison, spot funds as a whole saw massive outflows in April when the price of bitcoin fell 15 percent. Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, noted that Baby Boomers have more holding power than expected, and that June's inflows benefited in part from anticipation of spot ethereum ETFs. Regulators and potential issuers are working to get approvals, and it's expected that these ETFs could hit the market this month, signaling that regulators are coming around to accepting the cryptocurrency industry as part of the financial system.

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